I discussed China’s nascent property sector meltdown in this publication almost two years ago. I argued then, that distress in that sector was a systemic negative shock for the global economy. It was estimated that the property sector directly and indirectly accounted for almost a third of economic activity in China.

Given the country’s importance to global activity in general and the critical role played by Chinese infrastructure investment in commodity demand in particular, the prospects of collapse in the sector was daunting for commodity-exporting countries, including SA. ..

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