The issue is that the bubble should’ve popped probably even five or ten years ago, but then the government allowed credit extension and the bubble kept on.
The recent hard lines, with no sign of easing after multiple defaults, is a new thing.
The recent hard lines, with no sign of easing after multiple defaults, is a new thing.
Markets considered expensive in the West have significantly lower house price to income ratios. In San Francisco it is 12.3x, in London it is 13.9x, in Paris it is 18.8x, and in Shenzhen it is a whopping 40x.