Chinese property bust still getting worse

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This past week saw developer spreads soar once again:

Floor area sales are terrible:

The great white hope of local government infrastructure has brought forward debt issuance but over the year the quotas will be the same. Meanwhile, collapsed land sales revenue will reduce construction activity over the full year:

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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.