Construction workers nap in front of a wall with a poster of the city’s skyline at a construction site in Beijing, in May 2015. China’s property bubble has begun to unwind, hitting the economy hard. Photo: Reuters
Andy Xie
Opinion

Opinion

Andy Xie

Why the trade war will usher in a long, drawn-out bear market, with stocks, bonds, credit and property all at risk

  • Andy Xie says the unravelling of the US-China relationship that has sustained leveraged speculation will reverse trends investors have become used to
  • A close look at price-to-book and price-to-sales ratios finds the stock market is overvalued, and this will compound the downturn

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Construction workers nap in front of a wall with a poster of the city’s skyline at a construction site in Beijing, in May 2015. China’s property bubble has begun to unwind, hitting the economy hard. Photo: Reuters
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