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These's a massive, massive skyscraper boom in the world's two most emerging economies - over the next twenty years, China and India are putting a slew of skyscrapers up for public/business use. Construction is already underway.
A copycat roadmap taken by New York, Chicago and other big cities, prior to the crash of 29.
Such a building boom signifies a few disturbing things:
1. Excessive optimism
2. Pumping upward trajectory of the country's credit
3. Short-cutting legal proceedings to complete the projects
4. Real estate - public demand - property cost relationship overlooked (often times, by the time the building is up for production, land costs may have plummeted)
What is the need to translate such burgeoning economic success with something as counter-productive as optimistic real estate, which has time and again proved disastrous? I am not sure if they are trying to up the populist sentiment of general citizenry pride at modernizing cityscape and thereby laying waste to the coffers of the treasury.
Stage is being set for a future real estate crash in the East. By the time the Euro Zone crisis is extinguished, another would have reared its head slowly and massively.
These's a massive, massive skyscraper boom in the world's two most emerging economies - over the next twenty years, China and India are putting a slew of skyscrapers up for public/business use. Construction is already underway.
A copycat roadmap taken by New York, Chicago and other big cities, prior to the crash of 29.
Such a building boom signifies a few disturbing things:
1. Excessive optimism
2. Pumping upward trajectory of the country's credit
3. Short-cutting legal proceedings to complete the projects
4. Real estate - public demand - property cost relationship overlooked (often times, by the time the building is up for production, land costs may have plummeted)
What is the need to translate such burgeoning economic success with something as counter-productive as optimistic real estate, which has time and again proved disastrous? I am not sure if they are trying to up the populist sentiment of general citizenry pride at modernizing cityscape and thereby laying waste to the coffers of the treasury.
Stage is being set for a future real estate crash in the East. By the time the Euro Zone crisis is extinguished, another would have reared its head slowly and massively.
There has been a real estate crash in India starting 2009. The residential real estate has crashed with no buyers and existing home owners walking away.
The mortgage rates in that part of the world are like 10-15%.
This will only add to the woes..looks like we will spend our middle age with recession in at least some part(s) of the continent
There has been a real estate crash in India starting 2009. The residential real estate has crashed with no buyers and existing home owners walking away.
The mortgage rates in that part of the world are like 10-15%.
This will only add to the woes..looks like we will spend our middle age with recession in at least some part(s) of the continent
Maybe so. But you know there is no negative equity disaster like a majority of homeowners sitting on a pile of toxic assets, and banks and those who insured them catching a flu.
The common man in India for instance is still sensing prosperity, which means he will soon be lining up for a credit line with his bank. Indian banks have been beginning to get aggressive by offering credit card ceiling increases to customers. Same with Chinese banks. Except that Reserve Bank of India is severely strict, and there is a lot of oversight in SEBI, unlike the SEC.
But such optimism slowly wears upon oversight and there will be pressure to tone down oversight, like the immense deregulation that occurred in America in the 1990s.
This is a plain re-enactment of the mistakes of the western financial system. And in a globalized economy, I won't be happy if there is a BRIC zone crisis when I am retiring, coz that's where it is looking like it will go.
As long as people are making money for now, that's all they care about.
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easy answer
