The Supply Chain of Capital

In the early nineties, that the decision on who sold land to whom was then delegated to the local governments. The pivot point in all this is the supply of land. If the local governments have sold a lot of land, and that is going to decrease, that means that the grade of growth that they are able to raise money at will go down. A volume drops on sales, land sales,. And local governments find themselves unable to fund their other products intero structure. So maybe you could walk us through those connections in how disturbance in the housing market, lower inventory, lower prices, might actually have a knock on effect two things like local governments, chinese banks, s o es