When the underlying assumptions are wrong ...

I read with interest the news from Credit Suisse Group which estimated that 200,000 foreigners will be leaving Singapore.
What are the implications of if such a scenerio happens?
I think of the property developers and the funds which are invested in the property market - this mass exodus of expats will be equivalent of a 'black swan' event. These expats, on average, earns more than most Singaporeans and have a much higher spending power. With their departure, the property market will be missing a critical source of investors.

Touted as Singapore's first hedge fund to venture into property management, this is gonna one helluva ride for their investors if the mass exodus of foreigners happens. Not to mention that this fund has also bought 100 units of a residential development along River Valley, expecting to rent out these apartments when the development is completed in the first quarter of this year. I wonder how many units can be rented out now ...