China reopens, real estate crashes

Monday 13 February 2023

Lockdowns are over and the Chinese are partying, sort of. Charts from Goldman:

However, although energy usage has rebounded, cars and real estate are terrible:

We got our initial reopening pop but it only lasted a few hours. What we appear to be experiencing is a crash-shaped recovery for real estate!

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.