Housing Leverage Double Stock Market, Local Govt Borrowing Exceeds 2015

In addition, the property market is still the heat diminished, if we compare the property and stock markets, a rough estimate is the current property market leverage ratio is close to 2 times last year's stock market high, implies a greater risk implied. Furthermore, as of the end of August, local debt issuance reached 4.8 trillion, more than the 3.8 trillion for all of 2015.
The leverage ratio is based on property values:
China's property leverage is more than 2015 stock market leverage. To observe the property market leverage, we do a simple estimation: 2015 China's urban population of 770 million people, assuming three people per household, per household housing area of ​​80 square meters per unit area of ​​commercial housing sales price of 6793 yuan / square m (in 2015 the national average), thereby calculating the market value of real estate is about 140 trillion ((770 million person / 3) × 80 sq m × 6793 yuan / square meter). The end of June, individual purchase loans 15.4 trillion, development loan balance of 5.9 trillion. It can be seen, the real estate leverage ratio of about 15.25% ((15.4 trillion +5.9 trillion) / 140 trillion). 2015 stock market leveraged funds up when 4 trillion, corresponding to the market value of about 50 trillion, the leverage ratio of about 8%. Visible, the property market has reached nearly 2-fold leverage stock market highs, so residents and mortgage rates are high growth state hard long lasting, systemic risks implied urgently resolved.
iFeng: 楼市杠杆率有多高? 媒体:已超2015年股市高点时近2倍

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