How Does ANZ Make Money in China, page-10

Yes agree with the picking problem but if interest rates go down it will confirm the banks growth of real business will continue to be subdued and at some stage might either stop the increase in dividends or worse still divs might get squeezed or frozen for some years and sp of banks might follow downwards too to keep those yields high.

The main growth in property lending (if any) appears to have been in high priced off-the -plan multi storey appartments to foreigners which the local banks tend to keep away from and if unemployment as measured by Roy Morgan Research at 20% continues to rise and interest rates drop further then i cant see banks making heaps on too much property lending to cautious locals. I'd speculate banks would not be seeing any growth except some gain in market share thru mortgage churning by borrowers chasing lower interest rates. No easy road to capital or income security imo.