Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

China Banks - Unseasoned Loans, Institutional Ownership, Corporate Losses

China and the US: Both Economies Addicted to Stimulus

Concerns About Capital Flight from China Have Not Prevented Higher Real US Treasury Yields

China’s State Capitalism Created Real Estate Excesses and Limits Remedial Options to Reduce Stress

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Rising stress in China's residential real estate sector become more evident in 2022. Tough market conditions in lower tier cities will depress national home sales in 2023. </li>
<li>The People's Bank of China lowered mortgage rates to stimulate housing demand. Removing the national mortgage rate floor on a city-by-city basis has, however, created an uneven funding environment.</li>
<li>Removal of the national mortgage rate floor has benefitted first time buyers, but existing mortgagors have engaged in prepayments to the detriment of banks' profits and consumer spending. </li>
</ul>


Rising stress in China's residential real estate sector become more evident in 2022. Tough market conditions in lower tier cities will depress national home sales in 2023. 
The People's Bank of China lowered mortgage rates to stimulate housing demand. Removing the national mortgage rate floor on a city-by-city basis has, however, created an uneven funding environment.
Removal of the national mortgage rate floor has benefitted first time buyers, but existing mortgagors have engaged in prepayments to the detriment of banks' profits and consumer spending. 


Stabilising China's Residential Property Market Produces Unintended Consequences