Evergrande debt crisis shines light on China real estate bubble

The debt crisis at China Evergrande Group, the world’s most indebted property developer, has cast new light on the health of China’s real estate market. According to Rushi Advanced Institute of Finance, condominium prices in the southern city of Shenzhen are now 57 times the average annual income, and 55 times that of income in Beijing. Even at the height of Japan’s bubble economy in 1990, Tokyo condos were 18 times the average annual income. Full story

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