China’s Real-Estate Boom Developers, home buyers and Western bankers all ignored warning signs

That was 2016, during the heady days when the Chinese property boom was just getting going. Even then, the truth was obvious to anyone who knew what to look for: The boom had turned into a bubble—and was likely to end very badly.

The bubble proceeded to get even worse, though, because no one wanted the music to stop. 

Chinese developers, home buyers, real-estate agents and even the Wall Street banks that helped underwrite the boom all ignored warning signs. 

The total value of Chinese homes and developers’ inventory hit $52 trillion, according to Goldman Sachs, twice the size of the U.S. residential market and bigger than the entire U.S. bond market. 

Chinese people had nearly 78% of their wealth tied up in residential property

Rebecca Feng Wall Street Journal 24 April 2024 

https://www.wsj.com/real-estate/china-real-estate-bubble-bust-35a2b7db

Citigroup chairman Chuck Prince Dance While The Music Still Goes On

a month before the music stopped 2007. 

https://englundmacro.blogspot.com/2015/01/citigroup-chairman-chuck-prince-and.html