Mortgage lending in Beijing contracted 20% in April thanks to a bundle of buying and selling restrictions implemented since March 17. The rest of the "hot cities" are expected to adopt Beijing's approach to cool the housing market. So what happens to lending when mortgages were consistently a minimum of 40% of total lending over the past 12 months? (and 103% in July!)
Meanwhile China is deleveraging across the economy, with bond issuance collapsing. https://twitter.com/FT/status/861364511122616320
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