Submitted by Financial Adviser on Thu, 02/16/2012 - 13:52
Did you know that large insures and their reinsurers have massive exposure to Europe? Moody's just downgraded Italy's mega-insurer Assecurazioni Generali and placed Europe's biggest insurer ( Pimco parent ) Allianz on negative outlook.
Average home price, meanwhile, dropped 41 percent week-on-week to 16,144 yuan (US$2,563) per square meter, as only one unit managed to fetch a high price between 30,000 yuan and 50,000 yuan per square meter.
On the supply side, only one developer released 7,200 square meters of new homes to the market last week, a drop of 95 percent from the previous seven-day period.
