The spectacular real estate boom is over in China with new home prices in Beijing crashing by 35 per cent last month and the growth of M2 money supply dropping to its lowest in a decade. All real estate booms end this way.
Dubai was no different three years ago when an off-plan-fuelled frenzy crashed to earth leaving local property prices down 60 per cent. For the past two years hedge fund billionaire Jim Chanos has been warning that Chinese property was ‘Dubai x1000′ and has been shorting the market.
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