Singapore will release more land for development and make it harder for home buyers to defer payments, steps aimed at curbing speculation in the housing market and that drove down property stocks yesterday.

Singapore is becoming the Switzerland of the East. Global investors are attracted to the city-state for a number of reasons. The country does not have currency controls or a capital gains tax. This means foreigners can send money into the country and remove it without official questioning. Property buyers who make a profit from capital gains are free to take the money out of the country. Singapore also does not impose a withholding tax for the disposal of a property and foreigners can buy private property without restrictions. The country is also attractive because it does not have any inheritance tax.