With both China and India offering the fastest growing markets in the world, Cushman & Wakefield Inc. hosted the "The Great Debate: China vs. India," in New York City this week.

"Asia is the place in the world where you have to turn your attention," said Bruce Mosler, the president & CEO of Cushman & Wakefield. He pointed out that Indias gross domestic product ranges from 6 to 7%, Chinas ranges from 8 to 10%, the fastest in the world. Additionally, the approximate 2.5 billion combined inhabitants of the two countries give great strength to their consumer markets as well as residential and retail property.

However speakers concluded that while both China and India offer great investment and development opportunities for the various industries including property, there remains serious barriers.

According to Dale Anne Reiss of Ernst & Young, the need for a translator to conduct meetings or travel from place to place makes working in China difficult. Reiss said: "You need a translator when you hop in a cab,"

On the other hand, India has the second largest English speaking population in the world, according to Sanjay Verma, a joint managing director for Cushman & Wakefields India operations. But India suffers from poor infrastructure from the airports to the roads. "When you get off the plane in India," she said, "you know youre not in Kansas anymore."

The debate also revealed that it is estimated that by 2050, the United States, India and China will account for more than 70% of the worlds GDP. It was also suggested that the retail sector remains a strong property market in which to invest or develop in both countries. However the residential markets were deemed overheated in both countries, while suburbanisation and development of tier two cities is currently occurring in both countries. In the short-term, Reiss concluded: "Id rather be an investor in China and a developer in India."