Chris Wood to up investment in HDFC Bank, Indiabulls Ventures. : The possibility of high networth individuals (HNIs) in India selling their equity holding and investing in real estate is a key risk for the Indian markets, writes Christopher Wood, managing director, equity strategist at CLSA in his weekly note GREED & fear. He advises investors consider investing in real estate as an asset class. “One risk for Indian equities is that high net worth investors sell stocks to purchase real estate as evidence grows that the residential property cycle has turned up.