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Beijing, We Have A Problem
The Chinese stock market hit a four year high today at 3,020. This is up 53% since the middle of 2013 low and up 48% in the last six months. I guess this must mean the Chinese economy is operating on all cylinders. If you think so, you’d be wrong. As Anne Stevenson-Yang – who has lived there since 1985, told Barron's, the entire Chinese economic miracle is a fraud. The reforms are false. The leaders are corrupt and as evil as ever. The entire edifice is built upon a Himalayan mountain of bad debt. This lady is about as blunt as you can get about Chinese fraud, lies, mal-investment, and data manipulation …. http://www.zerohedge.com
“Nothing like 50 million unoccupied housing units to create the greatest housing bust in world history. Maybe Blackstone can work its buy to rent strategy in China. It’s worked so well here in the U.S.”
Source: http://luismmx.blogspot.com/2014/12/beijing-we-have-problem.html
