Moody’s expects long China property shakeout

Thursday, 19 June 2014

ForexLive notes that Moody’s Tom Byrne at a conference in Shanghai has said:

China property market downturn to be prolonged
China drop in property sales, construction may hurt GDP

Byrne is a Moody’s Senior Vice President – Head of Asia Pacific Sovereign Risk – based in Singapore.

The miners are ripping today on yesterday’s market price action with the majors flying and FMG up 5% on short covering. In China, markets are weaker with Dalian iron ore futures down 1 point and rebar futures up slightly.

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.