Why China’s Real Estate Slowdown Isn’t Like Japan’s

Published on December 15, 2021 by John Byrne

Why China’s Real Estate Slowdown Isn’t Like Japan’s – Bloomberg1)},C(!0))}},{}],5:[function(t,e,n){function r(){var t=new PerformanceObserver(function(t,e){var n=t.getEntries();s(v,[n])});try{t.observe({entryTypes:[“resource”]})}catch(e){}}function o(t){if(s(v,[window.performance.getEntriesByType(w)]),window.performance[“c”+p])try{window.performance[h](m,o,!1)}catch(t){}else try{window.performance[h](“webkit”+m,o,!1)}catch(t){}}function i(t){}if(window.performance&&window.performance.timing&&window.performance.getEntriesByType){var a=t(“ee”),s=t(“handle”),c=t(14),f=t(13),u=t(6),d=t(23),p=”learResourceTimings”,l=”addEventListener”,h=”removeEventListener”,m=”resourcetimingbufferfull”,v=”bstResource”,w=”resource”,g=”-start”,y=”-end”,x=”fn”+g,b=”fn”+y,E=”bstTimer”,R=”pushState”,O=t(“loader”);if(!O.disabled){O.features.stn=!0,t(9),”addEventListener”in window&&t(7);var T=NREUM.o.EV;a.on(x,function(t,e){var n=t[0];n instanceof T&&(this.bstStart=O.now())}),a.on(b,function(t,e){var n=t[0];n instanceof T&&s(“bst”,[n,e,this.bstStart,O.now()])}),c.on(x,function(t,e,n){this.bstStart=O.now(),this.bstType=n}),c.on(b,function(t,e){s(E,[e,this.bstStart,O.now(),this.bstType])}),f.on(x,function(){this.bstStart=O.now()}),f.on(b,function(t,e){s(E,[e,this.bstStart,O.now(),”requestAnimationFrame”])}),a.on(R+g,function(t){this.time=O.now(),this.startPath=location.pathname+location.hash}),a.on(R+y,function(t){s(“bstHist”,[location.pathname+location.hash,this.startPath,this.time])}),u()?(s(v,[window.performance.getEntriesByType(“resource”)]),r()):l in window.performance&&(window.performance[“c”+p]?window.performance[l](m,o,d(!1)):window.performance[l](“webkit”+m,o,d(!1))),document[l](“scroll”,i,d(!1)),document[l](“keypress”,i,d(!1)),document[l](“click”,i,d(!1))}}},{}],6:[function(t,e,n){e.exports=function(){return”PerformanceObserver”in window&&”function”==typeof window.PerformanceObserver}},{}],7:[function(t,e,n){function r(t){for(var e=t;e&&!e.hasOwnProperty(u);)e=Object.getPrototypeOf(e);e&&o(e)}function o(t){s.inPlace(t,[u,d],”-“,i)}function i(t,e){return t[1]}var a=t(“ee”).get(“events”),s=t(“wrap-function”)(a,!0),c=t(“gos”),f=XMLHttpRequest,u=”addEventListener”,d=”removeEventListener”;e.exports=a,”getPrototypeOf”in Object?(r(document),r(window),r(f.prototype)):f.prototype.hasOwnProperty(u)&&(o(window),o(f.prototype)),a.on(u+”-start”,function(t,e){var n=t[1];if(null!==n&&(“function”==typeof n||”object”==typeof n)){var r=c(n,”nr@wrapped”,function(){function t(){if(“function”==typeof n.handleEvent)return n.handleEvent.apply(n,arguments)}var e={object:t,”function”:n}[typeof n];return e?s(e,”fn-“,null,e.name||”anonymous”):n});this.wrapped=t[1]=r}}),a.on(d+”-start”,function(t){t[1]=this.wrapped||t[1]})},{}],8:[function(t,e,n){function r(t,e,n){var r=t[e];”function”==typeof r&&(t[e]=function(){var t=i(arguments),e={};o.emit(n+”before-start”,[t],e);var a;e[m]&&e[m].dt&&(a=e[m].dt);var s=r.apply(this,t);return o.emit(n+”start”,[t,a],s),s.then(function(t){return o.emit(n+”end”,[null,t],s),t},function(t){throw o.emit(n+”end”,[t],s),t})})}var o=t(“ee”).get(“fetch”),i=t(33),a=t(32);e.exports=o;var s=window,c=”fetch-“,f=c+”body-“,u=[“arrayBuffer”,”blob”,”json”,”text”,”formData”],d=s.Request,p=s.Response,l=s.fetch,h=”prototype”,m=”nr@context”;d&&p&&l&&(a(u,function(t,e){r(d[h],e,f),r(p[h],e,f)}),r(s,”fetch”,c),o.on(c+”end”,function(t,e){var n=this;if(e){var r=e.headers.get(“content-length”);null!==r&&(n.rxSize=r),o.emit(c+”done”,[null,e],n)}else o.emit(c+”done”,[t],n)}))},{}],9:[function(t,e,n){var r=t(“ee”).get(“history”),o=t(“wrap-function”)(r);e.exports=r;var i=window.history&&window.history.constructor&&window.history.constructor.prototype,a=window.history;i&&i.pushState&&i.replaceState&&(a=i),o.inPlace(a,[“pushState”,”replaceState”],”-“)},{}],10:[function(t,e,n){function r(t){function e(){f.emit(“jsonp-end”,[],l),t.removeEventListener(“load”,e,c(!1)),t.removeEventListener(“error”,n,c(!1))}function n(){f.emit(“jsonp-error”,[],l),f.emit(“jsonp-end”,[],l),t.removeEventListener(“load”,e,c(!1)),t.removeEventListener(“error”,n,c(!1))}var r=t&&”string”==typeof t.nodeName&&”script”===t.nodeName.toLowerCase();if(r){var o=”function”==typeof t.addEventListener;if(o){var a=i(t.src);if(a){var d=s(a),p=”function”==typeof d.parent[d.key];if(p){var l={};u.inPlace(d.parent,[d.key],”cb-“,l),t.addEventListener(“load”,e,c(!1)),t.addEventListener(“error”,n,c(!1)),f.emit(“new-jsonp”,[t.src],l)}}}}}function o(){return”addEventListener”in window}function i(t){var e=t.match(d);return e?e[1]:null}function a(t,e){var n=t.match(l),r=n[1],o=n[3];return o?a(o,e[r]):e[r]}function s(t){var e=t.match(p);return e&&e.length>=3?{key:e[2],parent:a(e[1],window)}:{key:t,parent:window}}var c=t(23),f=t(“ee”).get(“jsonp”),u=t(“wrap-function”)(f);if(e.exports=f,o()){var d=/[?&](?:callback|cb)=([^&#]+)/,p=/(.*).([^.]+)/,l=/^(w+)(.|$)(.*)$/,h=[“appendChild”,”insertBefore”,”replaceChild”];Node&&Node.prototype&&Node.prototype.appendChild?u.inPlace(Node.prototype,h,”dom-“):(u.inPlace(HTMLElement.prototype,h,”dom-“),u.inPlace(HTMLHeadElement.prototype,h,”dom-“),u.inPlace(HTMLBodyElement.prototype,h,”dom-“)),f.on(“dom-start”,function(t){r(t[0])})}},{}],11:[function(t,e,n){var r=t(“ee”).get(“mutation”),o=t(“wrap-function”)(r),i=NREUM.o.MO;e.exports=r,i&&(window.MutationObserver=function(t){return this instanceof i?new i(o(t,”fn-“)):i.apply(this,arguments)},MutationObserver.prototype=i.prototype)},{}],12:[function(t,e,n){function r(t){var e=i.context(),n=s(t,”executor-“,e,null,!1),r=new f(n);return i.context(r).getCtx=function(){return e},r}var o=t(“wrap-function”),i=t(“ee”).get(“promise”),a=t(“ee”).getOrSetContext,s=o(i),c=t(32),f=NREUM.o.PR;e.exports=i,f&&(window.Promise=r,[“all”,”race”].forEach(function(t){var e=f[t];f[t]=function(n){function r(t){return function(){i.emit(“propagate”,[null,!o],a,!1,!1),o=o||!t}}var o=!1;c(n,function(e,n){Promise.resolve(n).then(r(“all”===t),r(!1))});var a=e.apply(f,arguments),s=f.resolve(a);return s}}),[“resolve”,”reject”].forEach(function(t){var e=f[t];f[t]=function(t){var n=e.apply(f,arguments);return t!==n&&i.emit(“propagate”,[t,!0],n,!1,!1),n}}),f.prototype[“catch”]=function(t){return this.then(null,t)},f.prototype=Object.create(f.prototype,{constructor:{value:r}}),c(Object.getOwnPropertyNames(f),function(t,e){try{r[e]=f[e]}catch(n){}}),o.wrapInPlace(f.prototype,”then”,function(t){return function(){var e=this,n=o.argsToArray.apply(this,arguments),r=a(e);r.promise=e,n[0]=s(n[0],”cb-“,r,null,!1),n[1]=s(n[1],”cb-“,r,null,!1);var c=t.apply(this,n);return r.nextPromise=c,i.emit(“propagate”,[e,!0],c,!1,!1),c}}),i.on(“executor-start”,function(t){t[0]=s(t[0],”resolve-“,this,null,!1),t[1]=s(t[1],”resolve-“,this,null,!1)}),i.on(“executor-err”,function(t,e,n){t[1](n)}),i.on(“cb-end”,function(t,e,n){i.emit(“propagate”,[n,!0],this.nextPromise,!1,!1)}),i.on(“propagate”,function(t,e,n){this.getCtx&&!e||(this.getCtx=function(){if(t instanceof Promise)var e=i.context(t);return e&&e.getCtx?e.getCtx():this})}),r.toString=function(){return””+f})},{}],13:[function(t,e,n){var r=t(“ee”).get(“raf”),o=t(“wrap-function”)(r),i=”equestAnimationFrame”;e.exports=r,o.inPlace(window,[“r”+i,”mozR”+i,”webkitR”+i,”msR”+i],”raf-“),r.on(“raf-start”,function(t){t[0]=o(t[0],”fn-“)})},{}],14:[function(t,e,n){function r(t,e,n){t[0]=a(t[0],”fn-“,null,n)}function o(t,e,n){this.method=n,this.timerDuration=isNaN(t[1])?0:+t[1],t[0]=a(t[0],”fn-“,this,n)}var i=t(“ee”).get(“timer”),a=t(“wrap-function”)(i),s=”setTimeout”,c=”setInterval”,f=”clearTimeout”,u=”-start”,d=”-“;e.exports=i,a.inPlace(window,[s,”setImmediate”],s+d),a.inPlace(window,[c],c+d),a.inPlace(window,[f,”clearImmediate”],f+d),i.on(c+u,r),i.on(s+u,o)},{}],15:[function(t,e,n){function r(t,e){d.inPlace(e,[“onreadystatechange”],”fn-“,s)}function o(){var t=this,e=u.context(t);t.readyState>3&&!e.resolved&&(e.resolved=!0,u.emit(“xhr-resolved”,[],t)),d.inPlace(t,y,”fn-“,s)}function i(t){x.push(t),m&&(E?E.then(a):w?w(a):(R=-R,O.data=R))}function a(){for(var t=0;t34||h<10)||t.addEventListener("progress",function(t){e.lastSize=t.loaded},w(!1))}),u.on("open-xhr-start",function(t){this.params={method:t[0]},o(this,t[1]),this.metrics={}}),u.on("open-xhr-end",function(t,e){"loader_config"in NREUM&&"xpid"in NREUM.loader_config&&this.sameOrigin&&e.setRequestHeader("X-NewRelic-ID",NREUM.loader_config.xpid);var n=f(this.parsedOrigin);if(n){var r=!1;n.newrelicHeader&&(e.setRequestHeader("newrelic",n.newrelicHeader),r=!0),n.traceContextParentHeader&&(e.setRequestHeader("traceparent",n.traceContextParentHeader),n.traceContextStateHeader&&e.setRequestHeader("tracestate",n.traceContextStateHeader),r=!0),r&&(this.dt=n)}}),u.on("send-xhr-start",function(t,e){var n=this.metrics,r=t[0],o=this;if(n&&r){var i=m(r);i&&(n.txSize=i)}this.startTime=a.now(),this.listener=function(t){try{"abort"!==t.type||o.loadCaptureCalled||(o.params.aborted=!0),("load"!==t.type||o.called===o.totalCbs&&(o.onloadCalled||"function"!=typeof e.onload))&&o.end(e)}catch(n){try{u.emit("internal-error",[n])}catch(r){}}};for(var s=0;s

1?t[1]=i:t.push(i)}else t[0]&&t[0].headers&&e(t[0].headers,o)&&(this.dt=o)}),u.on(“fetch-start”,function(t,e){this.params={},this.metrics={},this.startTime=a.now(),this.dt=e,t.length>=1&&(this.target=t[0]),t.length>=2&&(this.opts=t[1]);var n,r=this.opts||{},i=this.target;”string”==typeof i?n=i:”object”==typeof i&&i instanceof g?n=i.url:window.URL&&”object”==typeof i&&i instanceof URL&&(n=i.href),o(this,n);var s=(“”+(i&&i instanceof g&&i.method||r.method||”GET”)).toUpperCase();this.params.method=s,this.txSize=m(r.body)||0}),u.on(“fetch-done”,function(t,e){this.endTime=a.now(),this.params||(this.params={}),this.params.status=e?e.status:0;var n;”string”==typeof this.rxSize&&this.rxSize.length>0&&(n=+this.rxSize);var r={txSize:this.txSize,rxSize:n,duration:a.now()-this.startTime};s(“xhr”,[this.params,r,this.startTime,this.endTime,”fetch”],this)})}},{}],18:[function(t,e,n){var r={};e.exports=function(t){if(t in r)return r[t];var e=document.createElement(“a”),n=window.location,o={};e.href=t,o.port=e.port;var i=e.href.split(“://”);!o.port&&i[1]&&(o.port=i[1].split(“/”)[0].split(“@”).pop().split(“:”)[1]),o.port&&”0″!==o.port||(o.port=”https”===i[0]?”443″:”80″),o.hostname=e.hostname||n.hostname,o.pathname=e.pathname,o.protocol=i[0],”/”!==o.pathname.charAt(0)&&(o.pathname=”/”+o.pathname);var a=!e.protocol||”:”===e.protocol||e.protocol===n.protocol,s=e.hostname===document.domain&&e.port===n.port;return o.sameOrigin=a&&(!e.hostname||s),”/”===o.pathname&&(r[t]=o),o}},{}],19:[function(t,e,n){function r(t,e){var n=t.responseType;return”json”===n&&null!==e?e:”arraybuffer”===n||”blob”===n||”json”===n?o(t.response):”text”===n||””===n||void 0===n?o(t.responseText):void 0}var o=t(22);e.exports=r},{}],20:[function(t,e,n){function r(){}function o(t,e,n,r){return function(){return u.recordSupportability(“API/”+e+”/called”),i(t+e,[f.now()].concat(s(arguments)),n?null:this,r),n?void 0:this}}var i=t(“handle”),a=t(32),s=t(33),c=t(“ee”).get(“tracer”),f=t(“loader”),u=t(25),d=NREUM;”undefined”==typeof window.newrelic&&(newrelic=d);var p=[“setPageViewName”,”setCustomAttribute”,”setErrorHandler”,”finished”,”addToTrace”,”inlineHit”,”addRelease”],l=”api-“,h=l+”ixn-“;a(p,function(t,e){d[e]=o(l,e,!0,”api”)}),d.addPageAction=o(l,”addPageAction”,!0),d.setCurrentRouteName=o(l,”routeName”,!0),e.exports=newrelic,d.interaction=function(){return(new r).get()};var m=r.prototype={createTracer:function(t,e){var n={},r=this,o=”function”==typeof e;return i(h+”tracer”,[f.now(),t,n],r),function(){if(c.emit((o?””:”no-“)+”fn-start”,[f.now(),r,o],n),o)try{return e.apply(this,arguments)}catch(t){throw c.emit(“fn-err”,[arguments,this,t],n),t}finally{c.emit(“fn-end”,[f.now()],n)}}}};a(“actionText,setName,setAttribute,save,ignore,onEnd,getContext,end,get”.split(“,”),function(t,e){m[e]=o(h,e)}),newrelic.noticeError=function(t,e){“string”==typeof t&&(t=new Error(t)),u.recordSupportability(“API/noticeError/called”),i(“err”,[t,f.now(),!1,e])}},{}],21:[function(t,e,n){function r(t){if(NREUM.init){for(var e=NREUM.init,n=t.split(“.”),r=0;r0){var r=n[n.length-1];if(c&&c