and in china, page-4

ffxssj, I think it was not being allowed to borrow for more than one investment property - which for most people would amount to a prohibition.

They are doing what they can to cool the market, but this has led to a lot of shadow banking loans at interest rates of 15% to 25%. Municipalities have availed themselves of these loans too, to maintain their growth in infrastructure projects, so that the shadow banking is now estimated to be between RMB3tn and RMB5tn.

Some people think this is sustainable for a long time to come - I think the cracks in the credit mountain are already showing.