$SPY -but the property sector itself, which as Goldman recently calculated is worth $62 trillion making it the world's largest asset class, contributes a mind-boggling 29% of Chinese GDP (compared to 6.2% in the US) and represents 62% of household wealth. Sept. sales totaled 759.6b yuan ($118BN), down 36.2% from September 2020 and 17.7% lower from the same period in 2019, deepening a downward spiral that started in July Among companies, 60% of developers saw sales decrease by more than 30% y/y in Sept. Beijing, Shenzhen and Guangzhou saw transaction volume of residential properties decline 30% y/y, while Shanghai fell 45% We had to do a double take when we saw this because these are absolutely terrifying numbers and are, to put it bluntly, scarier than Goldman's "worst case scenario" zerohedge.com/markets/catas...
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