Liquidity evaporates in China as 'fiscal cliff' nears - Telegraph: "Home prices fell 3.1pc in January from a year earlier. Average sales have dropped 7pc from a year ago in the large Tier 1 cities, 22pc for Tier 2 and 15pc for the Tier 3 towns.
The inventory overhang has risen to 18 months, three times US levels. New floor space has dropped 30pc on a three-month moving average.
China is not the only country in Asia facing a hangover. Nomura's Rob Subbaraman says housing booms in India, Hong Kong and Taiwan all match or exceed the US bubble in 2008, with Malaysia not far behind. "Asia is setting itself up for a major credit crunch," he said."
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The inventory overhang has risen to 18 months, three times US levels. New floor space has dropped 30pc on a three-month moving average.
China is not the only country in Asia facing a hangover. Nomura's Rob Subbaraman says housing booms in India, Hong Kong and Taiwan all match or exceed the US bubble in 2008, with Malaysia not far behind. "Asia is setting itself up for a major credit crunch," he said."
'via Blog this'
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