Investors have started selling real estate stocks on speculation higher interest rates in Japan will hurt their earnings as borrowing costs trim their future profit.

The GDP figure was within our estimates and there was no surprise there. That lack of surprise may have prompted profit- taking.

Companies that rely on the Chinese market may suffer if China continues raising rates.

The raises in interest rates will reduce the willingness and ability of consumers to continue their pace of borrowing. This is both directly -- through the cost of debt -- and indirectly -- because it's likely to slow house price appreciation.

Remember the test here was, will an injunction hurt the public interest.

The report prompted speculation that charging lower interest will hurt consumer lenders' earnings. It's difficult to buy the stocks when we cannot confirm how they will secure profits once the regulation is tightened.