With China’s property developers slashing prices, piling on incentives, and still seeing sales slump; it is no surprise that demand from the top to the bottom across Asia is falling. As Reuters reports, even Singapore’s Sentosa Cove (the man-made island resort billed as Asia’s Monte Carlo) is eerily silent as the billionaires seem to be staying away with prices down over 20-30% in the past year. New mortgage business is down over 40% as “the rental can’t even cover the mortgage anymore.” As one analyst notes, “the tables have turned,” adding rather ominously that, “The way prices have fallen, it’s as if there is a global financial crisis.”
China’s property plunge continues…
image: pinterest
Excuse me, but why would anyone but a Chinee want to live in China?
The nouveau riche Chinese are buying up property in the US.
Aw, the poor Chinee.
“As if… …there’s a financial crisis.” As if ! ROTFL
SURPRISE!!! 😮
There’s a financial crisis EVERYWHERE! 😳
@ Hotlanta Mike
WERE. They WERE buying. The major dropoff in foreigner purchaes happened over a year ago, due to various reasons. The upper-level housing pay-in-cash spree was pretty much supported statistically only by them.
@ Bob M
SUPPLIES!
@Czar – SUPPLIES! – there’s an over-suppry of inventolly.
The Heathen Chinee are discovering that the worthless paper printed by the Treasury is … well, worthless.
Their $2 Trillion, or so, is gonna get repaid in pulp – can’t even use it for toilet paper.
@ StBS
https://www.youtube.com/watch?v=RB2GboGOuTI
.
“…as if…”
Did I miss something?