I was out house hunting today, agents resemble cats that have had a boot planted fair up their arses. Bounced off the wall and are wondering what to do next. Peter
The bigger question is what will happen to demand. China has done very poorly at distributing the wealth from it's industrial revolution (ironic for an ostensibly communist country), and has built millions of dwellings for a middle class that doesn't exist to purchase and live in. Meanwhile, the corrupt beneficiaries of this malinvestment boom of gigantic proportions are looking to flee the country with their ill gotten gains. Doesn't bode well for the future of housing construction in the short term in China.
Maybe it has not done so well at distributing the increase of wealth, but even with the less-than-perfect distribution, it has raised the living standard of the poor at a speed unmatched in history.
Was talking to a finance guy the other night over a few fruit juices and he thinks the construction industry are just fine, because, at the same time as it has made it very hard for these companies to get finance to build villas and other high-end dwellings, it has pumped enormous amounts of government money into "affordable housing", which is pretty-much a euphamism for social housing, and railway construction. This is going to be hard to track too, because it doesn't show up as well in the real-estate stats and to the extent that it does, it will be seriously lowering the average sale price.
He is far from bullish about trust investments though.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
Was talking to a finance guy the other night over a few fruit juices and he thinks the construction industry are just fine, because, at the same time as it has made it very hard for these companies to get finance to build villas and other high-end dwellings, it has pumped enormous amounts of government money into "affordable housing", which is pretty-much a euphamism for social housing, and railway construction.
well, if all the lay-offs this year from a number of major design companies in construction industry on mainland is anything to go by i would not be saying its "just fine"
its been a dire year for the industry from where i stand.. ... billing has been an absolute freaking nightmare. i dont have enough fingers and toes to count the numbers of contracts breached and clients who have disappeared when their financing was pulled out from under them...
not a pretty year sadly... im relieved im not all in in the sector as i used to be, but its still hurting..
well, if all the lay-offs this year from a number of major design companies in construction industry on mainland is anything to go by i would not be saying its "just fine"
its been a dire year for the industry from where i stand.. ... billing has been an absolute freaking nightmare. i dont have enough fingers and toes to count the numbers of contracts breached and clients who have disappeared when their financing was pulled out from under them...
not a pretty year sadly... im relieved im not all in in the sector as i used to be, but its still hurting..
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