System and, of course, in china as well. I think what it means also is that amongst all of the various imbalances in the economy in china right now, the Property Sector might be the weight on the economy that lasts the longest simply because it is going to be such a slow slog in terms of restructuring this debt. We have seen pictures of unfinished buildings, families and even sometimes having to squat in those buildings because they cannot afford to pay the rent and pay their mortgage on these properties. What can china do to try to boost this up . Somehow the key to this issue right now is to complete Unfinished Projects because this will at least keep some of the financing flowing. As you mentioned, many, many projects are presold and the households that buy those properties, they make Mortgage Payments even if they are not able to take delivery of the product but as construction has come to a halt, they stop making those and that means no Income Accruing to the Property Developer th
buy those properties, they make mortgage payments even if they are not able to take delivery of the product but as construction has come to a halt, they stop making those and that means no income accruing to the property developer that helps them to continue the whole construction process and helps things grind to a halt. so there has to be a way to resolve this issue of a debt with the developers, find some way to get some liquidity into them in order to notjust start new projects but complete the projects that have started and come to a halt. there is talk of china s need to deleverage. in fact, bankrupcies on the mainland and asset value by companies and banks. is that going to happen? i think it will happen slowly. it is going to be a very difficult process but at some point assets have to be revalued amongst these property develpment sectors and somehow come to some resolution of this issue.