Property is the collateral of a bank and must be funded by deposits liabilities and capital. We wrote on December 9 that 2013 marked the year when the deposit liabilities of GEMS countries were all spoken for and, therefore, property collateral was in jeopardy.  In layman's terms, the GEMS credit cycle is over and the Western credit cycle is bottoming out. Marginal money is rightly moving away from GEMS property and into western property.  Goodbye Shanghai and [...]