Estimating China's Housing Bubble

There are lots of measures of China's housing bubble. One is the high price of land sales according to research from Deutsche Bank.

Bloomberg: Here's the Smoking Gun That China Has a Huge Housing Bubble
If property prices simply tread water from here, the Deutsche Bank economist reckons that buyers accounting for more than half of land sales values in these auctions would lose money.
The property bubble has been fueled by the rise in broad credit growth, according to the economist, which has recently moderated and may continue to decelerate. In addition, Zhang expects Beijing try to slow price inflation by introducing targeted measures to cool select markets.

But a moderation of the real estate market as 2017 kicks off will likely elicit a rate cut from the People's Bank of China in the second quarter of the year in order to avoid a hard landing, he believes.
There's a lot of moving pieces, but for now, rate cuts in China weaken the yuan...

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