The Telegraph´s International business editor Ambrose Evans-Pritchard today reports about a development that will have serious repercussions on e.g. the booming German export industry:
China's credit bubble has finally popped. The property market is swinging wildly from boom to bust, the cautionary exhibit of a BRIC's dream that is at last coming down to earth with a thud.
... something is wrong when the country's Homelink property website can report that new home prices in Beijing fell 35pc in November from the month before. If this is remotely true, the calibrated soft-landing intended by Chinese authorities has gone badly wrong and risks spinning out of control.
Read the entire article here