by Chris Black
2/6
the pandemic shut down swathes of the economy at the start of 2020. New-home prices in 70 cities rose 0.16% last month from July, the slowest pace this year. Prices on the secondary market dropped for the first time since February 2020, slipping 0.02% from a month earlier."— Michael Pettis (@michaelxpettis) September 16, 2021
4/6
less efficient and conscientious as they worry about employment prospects and even their savings (to the extent that they have purchased wealth management products issued by their employers).— Michael Pettis (@michaelxpettis) September 16, 2021
6/6
That is why I suggested three days ago that we will probably be hearing soon how the regulators plant to address Evergrande. This process of financial distress can't go on much longer with causing a lot more damage.— Michael Pettis (@michaelxpettis) September 16, 2021
All this fuss over 2% of GDP? After trillions burned for the WuFlu hoax?
Why do I get the feeling there’s a giant dead whale stuffed in a closet somewhere?
Does anyone else here believe this is all too well orchestrated, with the hoax pandemic and all?
A real estate correction is exactly what we need here in the US; funny how it was the Chinese that put their foot down before the Americans.
In the most bearish scenario, land sales and housing starts fall 60% – 65% and property sales, house prices and completions drop 35% – 40% from 2021 to 2022
And that’s the best case scenario.