China Real Estate Black Swan
¨Over-Supply:
in construction
¨Residential: as if
4,000,000 units @ 100 m2 GFA
¨Office: as if 360
office towers @100,000 m2 GFA = ?
¨Retail: as if 310
malls @200,000 m2 GFA = ?
¨Residential:
4,000,000 / 400,000,000 households = 1%
¨4M /
200,000,000 = 2%