China’s real estate downturn is worsening: New-home sales by China’s 100 largest developers fell -24% YoY in July, the largest decline in 10 months. Month-over-month sales fell -38%, marking the steepest monthly drop this year. This comes after June marked the biggest monthly decline in prices of new homes in 8 months. Meanwhile, demand for new homes in cities is estimated to stay ~75% below its 2017 peak levels over the next several years, according to Goldman Sachs. China's 2008 is happening now.(The Kobeissi Letter)