Are Commercial Property Fears Are Overblown?
Commercial property is facing a tough time, but reports that it is likely to collapse and trigger a second round of the recession are exaggerated, three billionaire investors told CNBC Tuesday.
"I just don't believe that's the case," Sam Zell, chairman of Equity Group Investment, said about speculation that commercial real estate represents the second leg down of the financial crisis which hit the world two years ago.
Wilbur Ross, chairman and CEO of WL Ross & Co. and Richard LeFrak, president of the LeFrak Organization joined in the discussion.
