The Bubble Is Beginning To Leak

China should have never allowed this:

Homebuyers’ refusal to pay mortgages stems from the widespread practice in China of selling apartments before they’re built. That practice imploded in the past year, as overleveraged Chinese developers were swept by a wave of insolvency, and have been in crisis mode over debt repayment as funds ran dry, and as construction stopped on more and more projects.
 
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