Chinese bonds and equities are flashing warning signs that suggest the booming mainland property sector is heading for a bust – the effects of which could ripple across financial markets worldwide.
A sector that was until last year the darling of international investors is turning into a horror show as traders have started to digest evidence that real estate prices are falling and developers are losing access to funding.
Fears have intensified in the international bond markets, where Chinese property developers have sold $19bn of debt in recent years. Prices of these bonds have tumbled by an average 22 cents on the dollar in the past two months alone, causing yields to jump.
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