Reports today that Shanghai housing prices are down 3.2%. Is this possible? Well according to governement officials, they tightened bank lending to developers to deter continue price speculation.

What does this mean for China as a whole? Apparently nothing as the price growth was exported to other Chinese cities. Does it means anything for global prices? Doubt it. So why am I talking about? To demonstrate that markets are local and that if we need to worry about Shanghai prices affecting our little piece of earth then we have bigger problems to sort out!
This is also a test of our newly installed RSS system. Is it working?