- A property implosion was 2022’s China crisis narrative. We have owned Chinese property companies, namely China Resources Land and China Overseas Land & Investment over the past year, which have performed well. The Chinese property sector provides an apt case study of the reverse of an asset price bubble.[1] Indeed, it looks to us like a good example of an “anti-bubble”.
- There is no evidence of any meaningful glut of properties in China.
Has there been malinvestment? Yes.
Is there evidence of a nationwide excess of housing units? No.
Source: The Chinese Property Market: The Most Important Industry Globally Which Few Understand (Platinum Asset Management)
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