Goldman with the note:
Unprecedented regulatory tightening in the largest asset class globally
Regulatory actions in China Internet have resulted in more than US$1tn market cap loss on the tech sector since mid-Feb, but in the past two weeks, investor focus has shifted to the US$60tn China property market which is linked to ~20% of Chinese GDP and represents 62% of household wealth. More than 400 new property regulations that are largely tightening in nature have been announced ytd to restrain housing market activity, spanning supply, demand, funding, leverage, to price control measures.