Bloomberg say the drop in iron ore today, its first in nine sessions, is "as Goldman Sachs Group Inc. warned that property weakness would likely be a multi-year growth drag for China’s economy."
GS says:
- it sees persistent problems in Chinese real-estate
- no quick fix
- property recovery likely to be “L-shaped”
- didn’t expect more housing-specific stimulus and suggested Beijing would likely seek to reduce economic and fiscal reliance on the sector
