If these funds have non-performing assets on their books, and LPs start withdrawing their money, the funds will be forced to liquidate their NPLs en masse. 

Typically, when capital is returned to LPs through a refinance, the future amount paid out through the preferred return declines.

If so, the price drop may have been just the impetus needed to stimulate a sale.

@Charlie MacPhersonAs a Canadian, @Parveen Tiwari's taxation considerations will be a little different than yours.Parveen:  if you own U.S.A. property directly in your name, or establish a flow-though entity {LP, S-corp, LLC (pending elections)} you will not be able to control when earnings are repatriated to Canada.  

Charging just the banks a negative rate could have the desired effect of stimulating banks to loan money if the economy is really struggling.

The other side of this is that Manhattan just landed a 4.5 billion research facility that will significantly stimulate the economy.

In 1948 the maximum mortgage term raised from 20 years to 30 years as a way to stimulate the housing market.

They are intellectually stimulating and more importantly, make us feel better about an ultimately unknowable future ;)  But in the final analysis we cannot predict the actual outcome, much less its timing.

However, Asia Pacific office markets will be more mixed.Retail | Retailers and mall operators are adopting new “placemaking” strategies to compete with e-commerce, which combined with stronger consumers, should stimulate more demand for retail space globally.Industrial | Robust demand from e-commerce and third-party logistics companies for warehouse and distribution space—including for smaller in-fill locations within major metros—will continue to reshape the industrial market.To download the full report, go to http://corporaterealestategroup.com/2016/02/14/cbr...

(whatever you are going to do, partner on a deal, be interested in earning 10% on my project, etc.) "  as this usually stimulates good conversation without you seeming too overbearing.