成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開(kāi)
Chanos vs. China (Part One)

Chanos vs. China (Part One)

Bill Powell 2010年11月23日

So many empty properties

????To understand Chanos's China skepticism -- he calls it "Dubai times 1,000" -- it's worth visiting the Rose and Ginko Valley housing development near Sheshan Mountain, a new suburb outside Shanghai. Block after block after block of villas have gone up. And they are empty.

????In the country's largest, most affluent cities -- Beijing, Shanghai, Guangzhou, and Shenzhen, known as tier-one cities to the real estate cognoscenti -- it is not an unusual phenomenon. There is a lot of new, unoccupied housing in China. Just how much -- and just how much of a concern it should be -- is a central debate.

????Fixed-asset investment accounts for more than 60% of China's overall GDP. No other major economy even comes close. And of that fixed investment, slightly less than a quarter is attributable to new real estate investment.

????There are reliable data on the amount of new construction under way each year, and on how much is sold. In 2009, for instance, buyers in China purchased 44% more residential floor space than they did in 2008.

????But there are no official estimates yet for the vacancy rates for private housing, for how much of that new housing bought is actually occupied. (The government, signaling that it understands how much it matters, is carrying out a census now to try to get a grip on the question.)

????Consider the Sheshan project. A spokesman for the Chongqing-based development company would say only that almost all the units were sold in advance. That, in fact, has been standard-operating procedure in the market for new housing in China. Buyers plunk down money based on a plan, and the developer takes those commitments to the bank to get financing for construction. Very few projects are done on spec.

????But that still leaves the question that makes a lot of people nervous -- and Chanos bearish -- about China: Why are so many flats and villas that have been bought and paid for empty? And how could that augur anything but pain for the real estate market in China? And if it means pain for the real estate market, considering that new property sales accounted for 14% of GDP in 2009, doesn't that mean trouble, sooner or later, for the broader economy?

????That the real estate market in China is hugely speculative is not in dispute. An investor who lives near me in suburban Shanghai has bought -- count 'em -- 43 units over the past three years. He is still sitting on them, because, he believes, prices will continue going up.

????Chanos ticks off reasons for that kind of behavior. Individual Chinese investors are limited in where they can put their renminbi. They can stash it in a standard bank account and receive a negative rate of return, given an inflation rate running at about 3%. They can put the money in the stock market, but equities in China are much more volatile than those in developed markets. Capital controls limit investment opportunities for individuals abroad. So that leaves real estate.

????Chanos acknowledges that China's emerging middle class sees real estate as a store of value. To many, buying an apartment in Shanghai or Beijing is like buying a bar of gold. And many -- "too many," Chanos says -- have kept on buying as prices have gone up in the past five years.

????Chanos's team, like a lot of other people, is trying to get a grip on just how many empty units there are in China. One prominent bear in China, independent economist Andy Xie, has put the amount at the equivalent of 15% of GDP. Chanos doesn't endorse that specific figure but believes "it's a big problem, and it's getting worse, not better, as more units come onstream."

掃碼打開(kāi)財(cái)富Plus App
永久免费无码网站在线观看| 亚洲AV综合一区二区在线观看| 最近中文字幕MV在线资源| 久久久久无码国产精品不卡| 婷婷综合尤物精品国产| 色橹橹欧美在线观看视频高清| 中文无码乱人伦中文视频在线V| 久久w免费人成看片中文| 一区二区亚洲欧洲无码AV| 片多多免费观看高清电影| 最近最新MV在线观看免费高清| 98色噜噜刺激有声小说| 亚洲国产精品不卡毛片a在线| 夜夜躁日日躁狠狠久久AV| 黑人巨大精品欧美一区二区| 亚洲国产精品97久久无色无码| 好男人在线社区www在线影院| 亚洲精品国产综合野狼| 亚洲日韩乱码中文无码蜜桃臀网站| 永久免费A∨无码网站喷水| 色香欲影天天影视综合网八点| 三级全黄的视频在线观看| 好男人免费影院www神马 | 60岁妇女毛片免费观看| 久久久久99精品国产片| 成人精品一区二区激情| 久久人妻av一区二区软件| 精品国产男人的天堂久久| 成全在线观看视频在线播放| 国产亚洲精品久久久| 激情小说强奸乱伦亚洲色图| 久久国产劲爆AV内射—百度| 亚洲av无码国产精品久久不卡| 亚洲A∨无码一区二区猫咪| 亚洲国产精品无码久久| 国产熟女高潮一区二区| 中文字幕无码a∨高清毛片在线看| 精品久久久久久亚洲综合网| 好吊妞国产欧美日韩免费观看| 欧美日韩国产精品自在自线| 国精品无码A区一区二区|