Advertisement
Steel and iron ore continue to trade sideways:
Anybody that follows Chines property data knows it is a disaster. Most pointedly, there is a gap between sales, starts and completions that is so huge they have not yet invented a word for it:
If you multiply the missing floor area by the apartment average there are about 75m missing apartments. This is enough to house 225m people. At current rates, about 10 years worth of urbanisation.
Advertisement
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
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.
Advertisement