China is caught in a position where speculative demand outpaced real demand by several years. It's failure in timing, not failure in estimating actual future de

China is caught in a position where speculative demand outpaced real demand by several years. It's failure in timing, not failure in estimating actual future demand. Unlike Japan, China is still in the midst of urbanization and growth. The gradually slowing pace of growth and urbanization does not mean that the scale of infrastructure investments is outpacing the eventual need. Over 100 million people have still to find their place in cities. China will start to resemble Japan around 2040-2050. Investors are hurt and timing misallocation is not a good thing, but China is not where Japan was in the 90's.