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China at the Tipping Point

• The China Chain Store & Franchise Association (CCFA) estimates that around 300 new
malls are opened in China each year and that the total number of malls will reach 4,000
by 2015.
• Nine out of the top Ten newly completed malls are in China.
• Malls account for the majority of China’s commercial property supplies:
68.3% (Tier 1 cities) and 61.6% (Tier 2 cities).

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Macroeconomic Chartbook

• Real GDP rose at a revised annual rate of 2.2% in the fourth quarter, down from
5.0% in the third quarter and below the “advance” estimate of 2.6% initially reported
for the final period
• The 0.4 percentage-point difference between the two figures reflected a downward
revision to private inventory investments and an upward revision to imports that
were partially offset by upward revisions to nonresidential fixed investment and to
state and local government spending
• Full-year real GDP growth was 2.4%, up from 2.2% in 2013, reflecting higher
consumer spending, nonresidential fixed investments, exports and state and local
government spending, offset by lower federal spending

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