We’re on day three of our China property road show and are currently holed up in a Country Garden (2007 HK) hotel somewhere in Changshou, which is 85km northeast of Chongqing (see pictures below). We decided to pick Chengdu and Chongqing as there is a concentration of large property assets that have been built by some of the main property developers over the past ten years. Judging by some of their balance sheets, plans have not panned out as expected with some of the projects being quietly revised down in size. The banner picture above shows a hotel which was…
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