The Chinese property sector has emerged as the biggest threat to the stability of the global economy.
A report by Bank of America said the crisis was fuelling a “dramatic shift” out of emerging market stocks and into the US.
A third of fund managers surveyed named Chinese commercial real estate as the most likely source of a “systemic credit event” in the September instalment of the bank’s monthly poll, with the proportion more than doubling since last month to eclipse concerns over US commercial property.
