The current global recession is led by collapse in Chinese real estate market
Tania Harding
Jul. 5, 2010

Harvard University professor and former chief economist of the International Monetary Fund Kenneth Rogoff says China’s property market is beginning a collapse that will hit the nation’s banking system.

The Shanghai Composite Index tumbled 6.7 percent last week, and dropped 0.8 percent yesterday to close at 2,363.95. In the U.S., the world’s largest economy, the benchmark Standard & Poor’s 500 index capped a ninth day of declines in 10 sessions on July 2 after a government report showed fewer private-sector American jobs were created in June than forecast.

The Chinese real estate market is collapsing fast. That is dragging the foreign investments in the country. As Chinese banks shake, the international funds start pulling their assets everywhere to cover their Chinese real estate losses. As a result the global economy starts a journey for the double dip.

The current global recession is led by collapse in Chinese real estate market
Tania Harding
Harvard University professor and former chief economist of the International Monetary Fund Kenneth Rogoff says China’s property market is beginning a collapse that will hit the nation’s banking system.
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