Dear reader,
Worried households in China have lost faith in their local residential property market. Home prices have not only stopped going up, but developers such as China’s Evergrande have gone belly up. A court in Hong Kong ordered its liquidation this week. Lex noted the implications of this decision.
With a property bust well under way and stock prices collapsing — Shanghai’s CSI 300 index wallows near five-year lows — Chinese citizens with any spare cash to invest have a dilemma. They could pour their savings into deposits and perhaps government bonds, but they yield little, perhaps 2 per cent annually. Instead, they have turned to gold.
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