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China’s real estate market imploding is one of the worst bubble busts in modern history. Many Chinese people invest their savings in real estate they own on paper, but sits in the middle of nowhere unoccupied.
The biggest players in that market are defaulting on the interest payments of their loans and going under. The bubble is in the process of bursting. This is going to get ugly.
Contagion- it will hit our market last most likely.