Yesterday evening I stopped to take a look at the twin towers at the Vauxhall end of the Nine Elms development which look nearly complete. As they have changed hands they symbolise the problems that China is experiencing in the real estate sector and we can this morning take a further look at the numbers […]
Recapitalisation – why now? A recapitalisation cycle is underway across the Australian commercial property sector. The drivers, in common with markets in other developed countries are financial and physical. What differentiates Australia is the structure of the financial and commercial property sectors, creating opportunities and imposing limitations. Three long-term trends – a four-decade secular decline […]
The world has changed since we released our last New Zealand construction sector report in August 2021. Inflation and interest rates continuing to rise, and the Reserve Bank is actively pursuing a slowdown in our economy. In addition, climate change has been taking a very real toll on our country and its infrastructure – we […]
“The nature of Monkey was… irrepressible!” The Chinese Economy looks awful. I challenge readers to find anything positive written about it in recent weeks. A few years ago – in the wake of Economic crisis in the West, attracted by apparent Chinese liberalisation and the belief it would soon overtake the US – everyone wanted […]
China’s capacity to surprise western politicians was demonstrated recently, when Chinese leader Xi Jinping was unexpectedly absent from the G20 summit. There were a few reasons why this G20 might have been less important for Xi, including the rising influence of the Brics (Brazil, Russia, India, China and South Africa) partnership. But often western reactions to a Chinese decision […]
From the early days of human space activity in the 1960s, missions to the Moon have attracted significant global attention. India’s recent success in landing the Chandrayaan-3 spacecraft on the Moon was technically demanding and occurred in a previously unexplored part of the Moon. As well as the scientific benefits, India has already enjoyed the significant […]
Originally published June 2023. When the shōgun of value investing in Japan says “jump,” my only possible response is “Hai, sensei! How high?” So, it is no coincidence that when the oracle of Omaha, Buffett-sama flagged Japanese trading companies as too cheap to ignore and bought significant equity stakes in them, it was time to […]
Growing interest in a blue ocean of opportunities in the luxury ryokan segment. Ryokan is a type of accommodation considered to be unique to Japan, with many designed, constructed, and equipped in a typically traditional Japanese style. The notable lack of five-star hotels in Japan is partly attributed to the significant role that upscale ryokan […]
Confidence in China’s post-COVID recovery has started to waver over the past week after the world’s second-largest economy reported disappointing figures for two of the major drivers of its economy: property and exports. In response, China’s central bank is taking the opposite approach to western counterparts like the Bank of England by cutting its main interest rates to […]
China’s reopening and the abandonment of stringent domestic Covid restrictions prompts thoughts on prospects for the property market in China: after the difficulties of 2022, spring is definitely in the air. First let’s take a look at the global backdrop. MSCI data shows that global acquisitions of investment property plunged in the final quarter of […]
