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Real Estate
China real estate market slump: Q&A with Gady EpsteinPosted by Jeremy Goldkorn, October 27, 2008 8:34 AM
![]() Gady Epstein of Forbes On September 1, Forbes published an article by their Beijing correspondent Gady Epstein titled Olympian Bust? about China's "increasingly bleak" property market. Last week, several articles appeared in various publications backing up Epstein's idea that China's real estate market is headed for a slump. The Economist published What goes up subtitled 'The housing market provides some nasty shocks to China’s new middle classes'. The International Herald Tribune published Chinese banks brace for housing aftershock while The Wall Street Journal looked at Chinese government measures to prevent a bust: China aids home buyers to curb impact of slump. Has the Beijing property slump described in your article continued? In the long run, the world could look to China to lead the recovery, and it's possible that a year from now, people will be talking up real estate in Beijing again. I suspect we're looking at more like 18 months to two years, in part because the financial crisis will continue to play out for some time. But it's impossible to see that far ahead. Many have looked foolish in the past for betting against China, just as quite a few people looked foolish for betting only 12 months ago that the Chinese stock market would keep going up. Is there any danger in China of slowing economic growth leading to foreclosures on a large scale? |
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Comments on China real estate market slump: Q&A with Gady Epstein
In Shanghai, we are seeing much the same.. if not worse.
Pudong has a lot of space coming online, and a lot of tenants have put off moving into upgrading to a new location.. or increasing the size of their existing properties.
For the Maori group, this could not have come at a worse time. Not only are they at 20-25% occupancy, their rental pricing has come down from 16-18RMB to 10RMB. As I heard it, Lehman was slated to take 3 floors, and that is now open..
On the residential side, we are getting spammed with foreclosure auction announcements, and prices for some of the best properties are off 20%+ on the buy side.
...hate to be in furniture or IT/ Telecom right now
Excellent interview, this Epstein character really knows what he's talking about.