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It’s becoming amusing, the usual dark way. Despite all the hopes and dreams of stimulus-addicted markets, Chinese property is crashing into a bottomless pit.
The latest sales update is -58% year on year and clearly below 2020 when the entire economy was shut:
Why has no stimulus worked to turn this around? Counterparty risk is why:
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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.
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