The USA is fearful of recession and the markets are fearful that the trillions of personal debt will at last have an effect on the economy.
If the current UK banking situation and the USA problems continue in to be big news it will threaten the emerging markets first and what money is spent will be put into safer markets.
I think the emerging market is now overplayed and we are saturated with new emerging markets that are cheap and likely to stay cheap.
In my view the smart money is going to made by investing in development projects and taking a share of the developers profit in more traditional markets than relying on rising prices of built or off-plan in new emerging markets.
Kim