Bloomberg reports today that
House prices in Shanghai, Shenzhen and Guangzhou are plunging ....
Construction of homes, offices and factories fell at least 16.6 percent in October after rising 32.5 percent a year earlier, according to Macquarie Securities Ltd. That's squeezing an economy already slowed by recessions in the U.S., Japan and Europe that have cut demand for exports. Building is the biggest driver of China's expansion, contributing a quarter of fixed- asset investment and employing 77 million people.
“China is now at the heart of the global slowdown,” said Jim Walker, chief economist at Asianomics Ltd., an economic advisory firm in Hong Kong. . . . [He] estimates China will grow zero to 4 percent next year, with a 30 percent chance of a contraction.
Hmmmmmmmmmmmmmm . . .
collapsing property prices, crashing stock market, now where have I heard that before???