China's Fading Animal Spirits
This article is for subscribers only.
The July wobble in China's economy -- like its multi-year slowdown -- has much to do with the waning "animal spirits" of Chinese businesses caused by an historic shift in housing.
That's according to Chi Lo, greater China senior economist at BNP Paribas Investment Partners in Hong Kong. A property-led pick up in the first half lost momentum in July, suggesting the market is struggling to digest an overhang in supply of apartments.