Not stuffed at all. Ms Gina Rinhart, Clive Palmer and Dr Andrew Forrest are richer than Croesus. But there is a problem for their iron empires and it is this:
China’s economy is slowing to the lows seen way back in 1990 — a price President Xi Jinping seems willing to pay to reduce its dependence on the property sector.
Beijing’s squeeze on the real estate sector will linger into next year and beyond, a development many hadn’t seen coming that has now prompted banks like Goldman Sachs Group Inc., Nomura Holdings Inc. and Barclays Plc to cut their growth forecasts in 2022 to below 5%.
