“There is a huge real estate bubble in third and fourth-tier cities in China. Sales of homes have slowed significantly, to the point that supply seriously exceeds demand.”
Warnings about the Chinese property market are hardly new, but what made this comment more startling was the person uttering it. It was not one of the longstanding prophets of China doom. Rather, it was Rui Chenggang, the patriotic anchor of a primetime business news programme on China Central Television, the state-run broadcaster.
The suave Mr Rui is supposed to be a consummate China bull, not a bear.
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