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China real estate price reduction

Summary:
This is funny to watch: Country Garden cut the selling price at one of its residential developments by 1/3. Those who paid full price smashed the sales office. Similar incidents had happened before, and will again. It’s impossible to remove “the guarantee of principal”(刚性兑付)in China. pic.twitter.com/UxHFODYxmc — Hao Hong 洪灝, CFA (@polarmcbear) October 6, 2018 They are in the "Bear Stearns Phase" which is still early in the process... they have to stop adding reserves or it could get a lot uglier...

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This is funny to watch:

They are in the "Bear Stearns Phase" which is still early in the process... they have to stop adding reserves or it could get a lot uglier...

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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