I don't see how the property slide has been misrepresented....

I don't see how the property slide has been misrepresented. There's a severe oversupply in tier 3 and 4 cities while speculative demand as you alluded to above continues to taper. Urbanisation is not the answer - as you should know the Hukou system numbers are heavily manipulated - the 'exodus' is already well and truly in full flight and if anything PRC is trying to stem the tide by cutting off social services etc to those illegals in T1/2. All this means a funneling of these would-be migrants into T3/4's with excess inventory. Only thing I see alleviating property/infrastructure demand is consumer driven sectors like automaking and machinery as China moves up the value chain.

For FMG holders I honestly believe short-medium term there's much better opportunities out there. For those who want long term exposure, why not buy LT upside calls instead?