WSJ & Globe & Mail: Country Garden, Contracting Manufacturing, Housing Dives Down under the Dragon
Housing Development out of steam from the Dragon.
An official gauge of China’s manufacturing activity unexpectedly fell into contraction after rising
to expansion territory for one month in September, signaling renewed weakness in the sector.
China’s official manufacturing purchasing managers index fell to 49.5 in October from 50.2 in September, the National Bureau of Statistics said Tuesday.
Globe and Mail (archive) with more numerical detail:
HSBC on Monday said it believed the worst may be over for China’s shaky commercial real estate market, as a further $500 million charge from the sector dragged the bank’s third quarter profits below forecasts.
Yet, the overall real estate industry, which accounts for almost a fourth of the country’s economic output, has shown few signs of turning a decisive corner since plunging into debt crisis two years ago.
Data out this month showed China’s new home prices fell for a third straight month in September, a traditionally peak home buying period, while property sales and investment extended double-digit declines. High youth unemployment, elevated debt levels and a weakened yuan are also complicating Beijing’s efforts to revive activity.
Biden is trying his best to keep up with Xi’s creative accounting by crashing US banks: https://dcenquirer.com/biden-admin-threatens-banks-that-refuse-to-lend-money-to-illegal-immigrants