China’s 16 years of property inventory

Tuesday 11 November 2025

Goldman has an amusing take on the Shenzhen property market, once the hottest in China.

Policy environment:The expert was relatively cautious regarding policy environment in Shenzhen.

The expert highlighted that easing measures that have been introduced so far, such as HPR relaxation and mortgage rate cuts, have had limited effects and failed to effectively boost market confidence.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.