In most developed countries with anemic growth, this would be disastrous. And beyond a point, this would be so in China as well. However, as is, one should look at the dynamics of the thing. I mentioned here the scale of urbanization that must take place, so the demand is there, just with a time offset. While this time offset may be infinity elsewhere, this is probably on the order of a few years here. One only needs to recall how “empty” Pudong used to be.