China Real Estate Black Swan
¨Gray
Swans?: China RE
¨No
Decoupling = it will be affected
¨Downtime
likely = even Severe, Sharp, Short, and Sweet (to some)
¨Contrary to some current opinions, some 1st tier cities will offer great return,
and NOT all 2nd or 3rd tier cities
will turn out to be as good as they are now being
portrayed
¨ASYMMETRY: 1-2 Global + 3-4 Regional
+ 8-12 Local ?