Among other things, this Oxford Analytica report (link above) says:
South-east Asian banks will be tested as the eventual end of quantitative easing affects local currencies, capital flows, financial asset prices, borrowing costs and repayment capabilities of corporate and household borrowers. A rise in interest rates and cost of borrowing could prompt a surge in bad loans.
This risk is particularly acute for property markets (rather than productive sectors) in such economies as Malaysia, Thailand and Singapore, where prices are at record levels, affordability is over-stretched, household debt stands at around 80% of GDP and debt service ratio is high.
This piece was first published by Oxford Analytica in its Daily Brief on 21 February 2014 and is duly acknowledged.