Hangzhou city in China is the first of many cities that has just changed it's rules on buying in the housing market to cool it down. Other cities will follow. High risk bank loans are starting to shake investor confidence with some of the Chinese/HK banks. A lot of this money is suspected to be used in speculative buying in China's housing market. The steps Hangzhou government has taken confirm the worry in this housing bubble.
Considering the Chinese government forced banks to lend and that this bubble has fueled China's GDP growth, if it does crash which is looking more likely now it could send a shock wave though markets around the world.
China's GDP debt could be as much as %50 to %70 and it does not have a lot of room for more debt. Because the banking systems in China are not transparent there is a good chance many loans will be NPL.
Couple this with stock piling of commodities in recent months and creating a small bubble in commodity pricing, which seems to be breaking from today, the governments investment seems somewhat stupid.
Anyhow, property does not look so strong now.
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