Let us look at the previous property cycles:
1997: peak
1998-2003: decline
2004-2005: moderate growth
2006-2007: growth accelerating
2007: peak
So till 2007, the cycle was lasting 10 years instead of the average 7. With the assumption the next cycle being the normal 7-year trend, we should reach the bottom around 2010-2011 and the next peak 2014-2015?
Whats your view?