Anent the possible factor of lender: reversing the policy of not féreclosing on borrowers, that would not be at all reasonable to expect because the principal lenders on real estate are the Chinese banks themselves, who, if they reversed their present policy of supporting real estate, wold bring about their own undoing. A wholesale throwing of real estate on to the market is not practicable nor would it more than merely liquidate part of their loans. On the contrary, it would establish a vast amount of bad debt.
The imposition of legal handicaps on rental rates, and the unfair application of this principle, cannot be introduced unless there is agreement io this measure by all the Powers together, another remote factor. Zoning is already being established in the French Concession, and as for overcrowding, there are signs that destitute refugees are—going back to the country.
Regarding all the plus factors enumerated, political and economic, they, being favourable considèrations, need not be weighted here. They either operate or not. If they do, so much the better. if not, teal estate will not be worse off than now.
Text read from the printed page and cleaned; old type leaves the occasional error.