A curious thing has been happening in China’s vast real estate market — or rather, not happening.

For two years, a financial crisis has rocked developers China Evergrande Group, Country Garden Holdings and China Vanke along with their roughly $US700 billion ($1.1 trillion) in assets. Building activity, however, has until recently been holding up remarkably well.

China’s real estate crash has showed up everywhere except the real estate data.Credit: Getty

That’s surprising. In the US, home completions — the amount of residential property getting finished off for sale to buyers — fell by about........

© The Sydney Morning Herald