Over the weekend, China’s busted property market quietly clocked up another unwanted milestone: house prices have been falling for 40 straight months. October’s rate of decline – 3.5 per cent on an annualised basis – was the fastest in a year.
Countless column inches have been dedicated to China’s property woes in the past decade. But it’s notable that the latest data came just weeks after Goldman Sachs increased its forecast for Chinese gross domestic product growth this calendar year from 4.9 per cent to 5 per cent.
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