The defaults are occurring in Shenzhen, Guangzhou and Beijing, with buyer sentiment turning sharply negative; sales volumes in these markets have tumbled by up to 60 per cent so far this month from September. Lee expects a further 400 deals could be on the verge of collapse in Shenzhen.
Singapore Exchange’s decision to buy ASX, Australia’s main stock exchange, signals its determination to dethrone Hong Kong as the leading financial centre in Asia.
Its move revives the debate about whether the Hong Kong Exchanges and needs a strong partner to stave off the threat from the Lion City.
With the Australian and Singapore stock markets now planning to unite to form a pan-Asian exchange giant, there seems little room for brokers to continue arguing against the Hong Kong Exchanges and proposal to extend the trading hours of the local market.