Supply outpaces demand in most cities; no new tightening needed 2
Our base-case assumptions factor in expectations of tightening 4
Sales in tier-1 cities: c. 30% in value, but only 19% in volumes 5
Volume sensitivity: limited impact on NAV/earnings 7
Cash flow position strong enough to weather tightening impact 9
Valuation below or at mid-cycle; still upside to growth expectation 10