Japan never invested all of its household savings in unfinished apartment buildings that are worth, at best, 10% of their carried value.
The size and exposure of the Chinese housing bubble exceeds anything in history.
Good point.
“The size and exposure of the Chinese housing bubble exceeds anything in history.”
Current notional value of all derivatives is over $600 trillion, so I think China has a ways to go.
https://www.bis.org/publ/otc_hy2211.htm