China Crisis

Covered End

I'm surprised there has been no comment re the Chinese stock market collapse.

More than a third, of the companies, have suspended trading, on their markets.

It could make the Greece issue look very trivial.

http://www.msn.com/en-gb/money/economy/the-really-worrying-financial-crisis-is-happening-in-china-not-greece/ar-AAcGjaG

AFKABartram

Still trading about 150% higher than a year ago I believe.

MrOneLung

It's the Tories fault.



Or maybe a correction following unbelievable growth over the last year.

Covered End

I think it's going to be a crash, rather than a correction & it will hit the Chinese economy very hard.

This will in turn, likely, effect the world economy.

Bedsaddick

Great Tune

https://youtu.be/oj20LKdg8-8

Covered End

I'm glad someone got my double entendre.

I saw them a few times, as my girlfriend was a fan.

I think we saw them at The Rock Garden, Covent Garden.

Bloody hell 1983 :-(

killerandflash

I had presumed you were referring to the band (I remember them but none of their songs!)

It is serious for the world economy, as Chinese consumer spending has been a massive benefit for western luxury products. It will also put pressure on the Chinese authorities if 90m influentual Chinese middle class lose a lot of their savings...

Riviera

Companies that make products that no one buys or builds roads that go nowhere and unnecessary bridges. I wouldn't worry too much.

Chunes

Quite pleased. Will hopefully bring the Hong Kong house and rental market back to reality. Might also stem the flow of Mainland tourists and their luxury shopping that makes the streets so impossibly crowded.

Stu_of_Kunming

Covered End said:

I think it's going to be a crash, rather than a correction & it will hit the Chinese economy very hard.

This will in turn, likely, effect the world economy.

I can't see the Chinese government allowing that to happen.

However, if it did happen it might just be the biggest crash we've ever seen, the amount of empty apartments just sitting around 'increasing' in value is insane.

My job means I'm in regular contact with those in the top 10%, wealth wise. Some of the things I see and conversations I have are mind blowing.

One family I have a pretty good relationship with have just bought an apartment for their 2 year old son, as they know they will have to buy him a house in order for him to get married, yet are worried what the price might be in 20 years. Utter madness.

ken_shabby

I thought this was going to be about the band too! I was expecting to be chatting about the merits of Christian, King in a Catholic Style and Arizona Sky. Ah well, bad news if the Chinese economy goes to the Wall. As the USA showed us in the thirties, one big economy in tatters can drag a the rest of the world into recession too.
Time to save the Greeks, as bad times are a'coming.

Jessie

It's been utter madness for quite a few months. I'm just glad I'm not directly involved in this mess. Will post more details after work later today. Just one quick question re the family mentioned by @Stu_of_Kunming: why would anyone want to live in a 20+ years old apartment when it is common knowledge that many apartments in China these days are poorly built? Unless the parents don't really plan to keep the apartment till their son gets married?

Mendonca In Asdas

Bring back the 80's!

Curb_It

Chunes said:

Quite pleased. Will hopefully bring the Hong Kong house and rental market back to reality. Might also stem the flow of Mainland tourists and their luxury shopping that makes the streets so impossibly crowded.

But will that stop Delaneys closing?? Just been sent this bit of news this am. One of my favourite places back in the day.

seth plum

I expect China to survive because they manufacture more or less everything that the world buys that isn't high tech.

kentaddick

This is the death of capitalism, comrades.

redman

lets hope this is a correction not a crash. Greece is totally insignificant to the world economy in this context

Fanny Fanackapan

Thought this was a thread highlighting the downturn in price of my Clarice Cliffe collection.

ShootersHillGuru

I had better get my Ray Bans delivered before it all goes tits up. I paid £3.99 with free postage.

grumpyaddick

Quite a bit of contagion here in Hong Kong where 50% of listed companies are based on the mainland. Worrying times in a hugely inflated bubble waiting to burst but there has been a late rally.

Only in China can the government order key shareholders not to sell.

If this does end in tears we are all buggered unless you own your own home outright, have lots of US dollars stuffed in your mattress and work in the illegal synthetic drugs industry.

Salad

MrOneLung said:

It's the Tories fault.

Why not? The global financial crisis has been blamed on Labour!

Bryan_Kynsie

China has been busy buying up natural resources, especially gold for some considerable time. The stock market correction should be taken in the context of a reduction in growth rather than recession out there.

Trouble is, nobody really knows what the long term holds when an intrinsically communist regime plays at capitalism with a heavy sprinkling of alleged corruption throughout. Allegedly.

Stu_of_Kunming

JessieAddick said:

It's been utter madness for quite a few months. I'm just glad I'm not directly involved in this mess. Will post more details after work later today. Just one quick question re the family mentioned by @Stu_of_Kunming: why would anyone want to live in a 20+ years old apartment when it is common knowledge that many apartments in China these days are poorly built? Unless the parents don't really plan to keep the apartment till their son gets married?

They will sell and reinvest, for a lot of the people I speak to, the idea of property dropping in value is madness. Tick tock tick tock.

Chunes

Curb_It said:

Chunes said:

Quite pleased. Will hopefully bring the Hong Kong house and rental market back to reality. Might also stem the flow of Mainland tourists and their luxury shopping that makes the streets so impossibly crowded.

But will that stop Delaneys closing?? Just been sent this bit of news this am. One of my favourite places back in the day.

Used to hang out in the Wanch eh? I'm sure they'll just move to a new building.

Rent hikes are out of control, seems like nobody stays anywhere for more than 3 years, it's a miracle they were there for 21.

kimbo

I asaumed band or broken cake stand

Stu_of_Kunming

Chunes said:

Curb_It said:

Chunes said:

Quite pleased. Will hopefully bring the Hong Kong house and rental market back to reality. Might also stem the flow of Mainland tourists and their luxury shopping that makes the streets so impossibly crowded.

But will that stop Delaneys closing?? Just been sent this bit of news this am. One of my favourite places back in the day.

Used to hang out in the Wanch eh? I'm sure they'll just move to a new building.

Rent hikes are out of control, seems like nobody stays anywhere for more than 3 years, it's a miracle they were there for 21.

There's a street in Kunming (a tiny 2nd tier city with only 6m people) with rents higher than Manhattan.

Its insanity.

Halix

I loved African and White, great stomping drums

Oggy Red

Stu_of_Kunming said:

There's a street in Kunming (a tiny 2nd tier city with only 6m people) with rents higher than Manhattan.

Tiny city with only 6 million people ...... ?

Covered End

Chinese market has biggest 1 day fall for 8 years. Down 8.5%.

bazjonster

Tragedy and Mystery

AddicksAddict

Covered End said:

Chinese market has biggest 1 day fall for 8 years. Down 8.5%.

bazjonster said:

Tragedy and Mystery

Tragedy? Perhaps for some small investors. Mystery? Not at all.