Steven Rattner
@SteveRattner
Former head of Obama Auto Task Force. Wall Street financier. Contributing Writer to NY Times Op-Ed. Morning Joe Economic Analyst. 🌐
ID:401625957
http://stevenrattner.com 30-10-2011 20:51:15
13,4K Tweets
97,8K Followers
355 Following
With sales and construction collapsing, China’s real estate slump mirrors what the U.S. experienced during the Great Recession. Morning Joe
China's real estate collapse has weighed heavily on the country's economy writ large.
Since 2019, the Beijing stock market has risen less than 20%. (The S&P 500 is up 87% since then.) Morning Joe
China's real estate industry accounts for nearly 30% of the country's GDP, and Chinese household have almost 80% of their wealth tied up in real estate.
(In the U.S., by contrast, real estate accounts for less than a third of total household wealth.) Morning Joe
China’s property bubble is bursting. After nearly a decade of rapid gains, home prices have fallen by 6% over the last year. Morning Joe
Between 2003 and 2019, construction of new residential property in China ballooned by 280%.
Over the same period, its population grew just 9%.
Now, the country has more homes than it can fill. Morning Joe
China's property market is in trouble. I'll be on Morning Joe to in a few to discuss (and chart) the problem.