After administering significant banking stress tests earlier this year, Chinese regulators concluded that if the highly improbable occurred and property prices crashed by 50 per cent, non-performing loans would rise by just a small amount.
It was a clean bill of health, as clear a statement as possible from the government that market concerns of risks from the country’s property bubble had been blown out of proportion.
Such confidence is unwarranted and could be dangerous, according to analysts who reviewed a copy of the stress tests obtained by the Financial Times.
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