That there is likely more of this very small, old and "pre-teardown" housing sitting vacant in urban China, well it shouldn't alarm anyone. That it needs to be torn down and replaced over the next 20 years is a great thing for China's housing sector as well as commodities in general. That some remains vacant today will have very little economic impact on China or the world. It is a reminder of China's housing past and the reality of an economy growing so quickly where incomes also grow quickly and were cities swell through urbanization. But, in attempting to make reader's "fear" China's urban vacancy, Mr. Xie has built an argument around assumptions that don't stand up to scrutiny. At the time of writing, Fisher owned EJ.