Our index has slumped to the lowest level since August 2012. Then, a surge in “shadow bank” lending drove a property-led recovery. But real estate is already on a tear, and banks are now being reined in. Unless urbanization gets an extra push, recovery looks distant.
Run the numbers:
Source: Reuters graphic/Catherine Trevethan, John Foley, Katrina Hamlin 28/05/2013
Breakingviews’ China Tea Leaf Index