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‘China’s 2008 is happening now’—Analyst warns of real estate meltdown that threatens global economy
“China’s real estate market is starting to look a lot like America’s 2008 meltdown, and it could shake the global economy.
Home sales from China’s top 100 developers plunged 24% in July from a year earlier, the sharpest drop in 10 months, according to Bloomberg data.
Month over month, sales tanked 38%, which the steepest decline this year.
“China’s 2008 is happening now,” warned The Kobeissi Letter, comparing the slowdown to the U.S. housing collapse that sparked a global financial crisis.”