Macro Research Bites #5: the Hang Seng Index (HSI) & Chinese Real Estate
China's equity and real estate market is in crisis. Evergrande, previously the most valuable real estate company in the world, is facing bankruptcy, and the Hang Seng Index is down over 50% since 2018. We explore parallels between China's downturn and the implosion of the Japanese asset bubble in 1989, and offer a hypothesis for what's next.
Macro Research