The sharp increase in interest rates has altered the calculus of many financial decisions, including how higher mortgage rates impact the affordability and value of owning a home, especially now that the housing market has cooled.
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Recent numbers are staggering and an indication of how important real estate has been to the economic growth of China in recent years. It should then come as no surprise that China is trying to deflate its property bubble with a minimum of economic damage. It won’t be easy considering that the impact of real estate-related activities on China’s GDP (almost 30%) is substantially higher than the U.S. (about 17%) or the U.K. (about 20%).
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