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China buys keystone in Oz credit arch

Monday, 24 October 2016

From the ASX:

OK, so Chinese interests now own one half of the keystone LMI duopoly that supports the entire Australian mortgage and house price bubble.

China Oceanwide is not a state-owned enterprise and no doubt it will be no less happy than the US owners to pay out on premiums when the bust comes.

Right?

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.