1. China had an over-developed real estate market (accounts for around 15% of the Chinese economy). Home prices in China’s major cities crashed in 2013/2014. This put serious pressure on Chinese consumers, since around two-thirds of the typical Chinese family’s wealth is tied to their homes.

2. When housing started going bust, Chinese investors started to pour their money into the stock market, which helps explain why the Shanghai composite index soared into June 2015.

3. When Chinese market started selling off, and investors lost around a third of their investments in equities in less than one month’s time – the money started to run – as in away (the sell off erased $3.3 trillion worth of wealth). As well reported last summer – that was equivalent to 14 times Greece’s GDP. Since last summer, that prompted a flight of capital ($110 billion in October alone) much of it into US and Canada.

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