Gerald Ronson, one of the UK property industry’s canniest survivors, has warned that the industry is heading for a correction amid over-exuberance from investors. Mr Ronson, chief executive of private company Heron International, told guests at his annual lunch at London’s Savoy hotel that “there can only be one ending” to the current hot property market. “We will look back and talk about how obvious the signs were,” said the tycoon, who went bust in the early 1990s recession before successfully rebuilding his business. Taking a swipe at the hedge funds and property fund managers who have set up new funds to take advantage of the appetite for commercial property, Mr Ronson said: “I wouldn’t hire some of these property fund managers to do my shopping at Tesco.”
