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The latest Chinese property sales for October were terrible again:
China’s home sales slump intensified in October, the latest sign that a recovery in the nation’s property market remains distant.
The 100 biggest real estate developers saw new-home sales drop 28.4% from a year earlier to 556.1 billion yuan ($76.2 billion) in October, according to preliminary data from China Real Estate Information Corp. That plunge widened from a 25.4% slump in September.
Here is my latest Chinese property bust volumes forecast chart:
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In a phrase, don’t buy iron ore now.
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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