ANZ CEO Mike Smith has defended the health of the Chinese property market, and warned against extrapolating small amounts of regional data and applying it across the country.
"[I’ve been] going up into Beijing and Chongqing, meeting with customers, meeting with government officials, and really finding out what is happening [and] the economy is still going pretty well."
Mike Smith, CEO, ANZ
Speaking exclusively to BlueNotes, Smith said he had spoken to some local property developers on a recent trip to China, who said they were doing quite well.
“There’s no doubt things have slowed down [in China], but it’s the same as property developers [in Australia],” he said. “If you’ve got great property, in the right place, you’ll be doing ok.”
“There’s no doubt there’s still overcapacity but when looking at the supply of property, versus demand, there is still a huge amount to be done.”