According to Kenneth Rogoff, the former chief economist of the International Monetary Fund and Harvard University professor, China’s property market is beginning a collapse. “You’re starting to see that collapse in property and it’s going to hit the banking system”
Xu Shaoshi, People’s Republic of China’s Minister of Land and Resources is reported to have indicated property prices will probably fall in some regions of China in about three months time. “In about a quarter’s time, the property market will probably reach a full correction and prices will fall, but it’s hard to predict the extent of the price falls,
Standard Chartered Bank analysts expect property prices to drop as much as 30 percent in the big cities in the 2nd half of 2010.
» China Property Market Beginning Collapse That May Hit Banks, Rogoff Says – Bloomberg, 6th July 2010.
» China’s housing prices to fall, official says – Market Watch, 5th July 2010.
the speaker is “former chief economist of the International Monetary Fund “.
does he have any idea what he is talking about?