Hong Kong Housing CRISIS! – MASSIVE Correction On The Horizon!
Josh Sigurdson talks with author and economic analyst John Sneisen about the massive bubble ready to burst at any moment in Hong Kong as the city continues to face declines.
Following HSBC’s announcement in October that they planned to raise their prime lending rate, Hong Kong faced its first decline in 29 months. Hong Kong was long considered the greatest housing market in the world. Well… at least the fastest growing. As we know, that was all artificial and could only sustain itself so long.
Now, new home sales are tumbling to a level we haven’t seen since the first quarter of 2016. A study done by Midland Realty showed that Hong Kong is facing a certain crisis and may be in for a massive correction very soon.
Following two months straight of slouching home sales, Goldman Sachs has predicted a 15-20% correction into 2020.
As mortgage applications drop to lows not seen in 20 years with the number of applications sliding 56%, the Hong Kong Monetary Authority is desperately attempting to mitigate the problem they’ve been crucial in creating in the first place by raising rates in tandem with the Federal Reserve.
As China pushes countries into debt while facing massive debt crises themselves, they’re still on track to become the next massive world leader at the UN. The desperate attempt to establish a centrally planned cashless society and enforce debt and interest on further people via that hand of the central planners may be nothing more than a dream to the top echelon of the money changers. They may not be able to act fast enough to solve this crisis with the next crisis. It may just be futile as individuals break free from centralized systems throughout the world and attempt to be self sufficient, independent, responsible, educated and decentralized.
With recent news yet again showing more than 50 million empty apartments and homes in China, this massive problem created by central planners is not going to be solved by central planners and needs to come crashing down sooner or later. The sooner, the better.
Stay tuned as we continue to follow this issue closely!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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