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Australia’s man in Beijing is an idiot, apparently:
Australia’s top diplomat in Beijing has rejected “alarmist” predictions over the demise of China’s residential property sector, saying financial markets can absorb defaults, in an assessment that could buoy iron ore, the nation’s most significant source of export income.
Call it what you want. This is the largest real estate crash in Chinese history and it is not over. Moreover, it is structural as Common Prosperity and “houses are for living in, not speculation” are the defining parameters of growth.
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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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