Well-known China bear Jim Chanos is on CNBC.We’re taking notes:
- The residential slowdown has already begun. Sales offices are closing.
- The overall China boom is already beginning to sputter.
- Not sure if a collapse will have systemic risk for the global economy.
- When asked about elites moving their money out of China… “As the party elites and others are trying to get their money out… the American public is trying to buy right in through the IPO market.”
- Anti-Chinese bet has been a winner. Property market has been a big underperformer.
- If I’m right about credit creation and the real estate bubble, then the yuan might collapse. A lot of the hot money coming into China is based on the double-barreled thesis of yuan growth and underlying asset growth.
- Jim Chanos reveals that he is short UK-based offshore gaming companies due to the fact that the management are shady people that we cant necessarily be trusted.
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