A double edged sword this. Chinese new house prices are out and continue to slow, up 0.58% in August and 8.3% year on year:
Much of the slowing was in the breadth of cities with 20 flat or falling:
Top tier cities remain subdued while lower tiers are cooling:
Here’s the raw data:
This will not aid any turnaround in the coming real estate construction slowdown. Bulk commodities would already be in the gun if not for Vale.
I still think that accident has only delayed the price correction ahead.
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.
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.
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