Property values are something like 70% of China's wealth, but only 30% of production. A GDP drop of 15% is very conceivable.
I think it's likely GP is wrong about the 50% figure, but if they were correct the CCP would never publish the number for fear of scaring away foreign investment. So it may be worth looking into more deeply.
I think it's likely GP is wrong about the 50% figure, but if they were correct the CCP would never publish the number for fear of scaring away foreign investment. So it may be worth looking into more deeply.