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“Chinese homebuyers usually pool the whole family’s resources to buy a home,” said Alfred Wu, an associate professor at the National University of Singapore’s Lee Kuan Yew School of Public Policy. “It is a life-and-death matter for them if their homes become negative assets.”
For months Xi has stood firm in reining in over-leveraged Chinese developers, spurring a record wave of defaults that spooked global investors and brought at least 24 leading property companies to the brink of collapse. In the process, more than $80 billion has been wiped from its offshore bond market.
Plenty more juicy details here:
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