Contrary to popular belief, Asia Pacific also has an ageing problem, especially in the developed economies of the region. China is unique in this respect, as a developing nation with a rapidly aging workforce, thanks to the One Child Policy, which is said to have prevented 400m births since its introduction in 1978. In the West most countries got rich before they got old, whereas China risks getting old before it gets rich – with all the problems that will entail. In India on the other hand, 50% of the population is aged under 25.

For developers and investors, demographics mean the difference between building schools or senior housing, starter homes or hospitals, student accommodation or golf courses. Younger populations are also more likely to be drawn into towns and cities in search of a better life. In China, 20m people move from rural areas into the cities every year and it may be that rising incomes and urbanisation will be sufficient to offset the growing numbers of elderly people.

In the nineteenth century, London was the first city to grow to 1m people while the twentieth century saw both New York and Tokyo become mega-cities with over 10m. If we look forward to 2030, the cities of North America and Europe will not feature among the world’s largest urban centres, which will be dominated by Japan, China and India with conurbations of more than 20m.

The demographic dividend and the benefits of urbanisation can both easily be squandered of course. Poor infrastructure and weak regulation tends to result in pollution, slums, overcrowding and disease whereas robust infrastructure and strong regulation yield easier access to jobs, improved education and better healthcare among many other benefits.

Today, most international real estate investors focus on the more advanced, more liquid and transparent Asia Pacific real estate markets of Tokyo, Sydney, Melbourne and Hong Kong. However, demographics cannot be ignored: the Millennial population of China is said to be 450m – larger than the population of Europe or the US. Where these people – in China and other populous Asian nations – choose to work and to spend their leisure time, will be a huge driver of real estate occupation and returns. The growing number – and spending power – of the region’s over-60s should not be overlooked either.