Asian Property Prices Are Falling “As If There’s A Global Financial Crisis”

ZERO HEDGE

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…

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image: pinterest

10 Comments on Asian Property Prices Are Falling “As If There’s A Global Financial Crisis”

  1. @ 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!




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  2. 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.




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