Short of knocking down the million unsold new homes left after the property bubble burst, that will not pick up for many years.

ECONOMIST: Spanish unemployment: In search of a job | The

He maintained a negative investment rating on Singapore's developers and the residential property sector, citing a large supply of unsold apartments, rising vacancies in the rental market and the continued risk of more government intervention.

WSJ: DBS Says Singapore Property Curbs to Hurt Growth

However, developers have been excluded from these charges due the property crash which has left a number with large portfolios of unsold homes.

BBC: Rates relief measures extended for NI businesses

The stock of unsold homes is huge and the ratio of prices to rents suggests that property is still expensive ( see article).

ECONOMIST: America's housing

After peaking in early 2011, prices of residential property in cities across China have fallen, leaving developers burdened by unsold inventory and piles of debt.

FORBES: A New Foundation: Chinese Developers Back On Real-Estate Tiger