Ann: Funding Agreement , page-11

http://www.macrobusiness.com.au/2014/05/chinas-largest-developer-sees-property-bust/

"From Sinocism today comes this worrying story about a private speech given by Vanke Group Vice Chairman and the CEO of Vanke Beijing Mr Mao about the Chinese property market last night. Vanke is China’s largest residential developer"

3 common phenomena in the Chinese real estate sector in 2014:

(1) T2-3 cities: supply exceeds demand, by a lot

(2) T1 cities: continue to see robust demand; however, land price has gone up more than project ASP.

(3) Credit has tightened."

T1 cities are Shanghai, Beijing etc. SPV's region is 80km south of Wuhan in small town.