China's Property Market Meltdown Begins As Evergrande Panic Spreads, Net Worth To Disposable Income

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CCB International, the Chinese investment bank, touched on in a recent research note in which it said that Evergrande "risk has spread from financing to land sales, property sales, project deliveries and home prices."
And indeed, as the FT reports this morning, some very ominous cracks in China's property market - which according to Goldman is the largest asset class globally - are starting to emerge.
In a letter to the Shaoxing municipal government in eastern Zhejiang province, the local office of developer Sunac China appealed for “policy assistance” as it was struggling through what it called a "turning point in China’s real estate industry."
"We have never experienced such a radical change in the external environment," Sunac’s Shaoxing office said, pointing to a 60% year-on-year fall in home sales over the summer.
"The market is almost frozen," it added in the letter, which was first reported by the Financial Times. “The radical change in policy and environment has seriously disrupted our business and made it very difficult to maintain normal operations.”
The ratio of Household Net Worth to Disposable Net Income broke records At 786% in the latest quarter.