The unstoppable Chinese property trainwreck

David Llewellyn-Smith

Thursday 17 July 2025

Nobody wants to talk about how bad it is because, you know, it’s China.

It’s a shame because the greatest crash in the history of property is underway and has another five years to run yet.

Property keeps getting cheaper in real terms with mortgages included.

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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.