China property crash turns credit crunch


It is the largest Ponzi scheme in history, so unravelling it takes time. But unravelling it is.

The Chinese property crash has begun to turn into a credit crunch:

One of China’s biggest shadow banks skipped payments on several investment products, sparking rare protests in Beijing as the fallout from a deepening property slump spreads to the financial sector.

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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.