The sale value of new houses across 70 of China’s largest cities fell by almost 26 percent last month compared to 12 months ago, reducing demand for iron ore.
The picture of a once-optimistic and enthusiastic Chinese middle class has changed with many now slipping toward poverty—sad for workers, dangerous for the CCP.
Media commentary has enthused over a supposed solution for China’s property crisis. As will soon become apparent, Beijing has no ’solution,' at least not yet.