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Conversation

Yep. China's housing cycles are basically *pre-sale* cycles at this point. And it doesn't look good....

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Little bit of patting myself on the back but when I was at the WSJ I think I wrote a piece on Chinese presales and why you should worry about them about once every two weeks wsj.com/articles/china

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2:13 PM · Jul 15, 2022

@stefan_meyer98

Replying to

and

I don’t get it. There are no or very little existing house sales? That’s a market functioning even worse than I thought.

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Replying to

@stefan_meyer98

and

It's because most Chinese buy-and-hold their properties, so the inventory is mostly unbuilt properties. Secondary market liquidity is limited. Thus sales correlate with new construction.

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@stefan_meyer98

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and

Wow. That’s incredible.