Thoughts on Manhattan property, one of the world's best investments.
Saturday, December 11, 2010
China over-dependent on property, no demand
Quite a long video. Summary:
1. 60% of China's GDP driven by real estate construction.
2. They are building property at US prices that people can't afford, sitting empty.
3. Consumption is only 5% of GDP
Bottom line - China is over-reliant on construction which has no demand. Problem........