One area of this global divorce that we feel deserves special attention is the respective housing markets of not just the US and China, but also other western housing markets, more specifically Canada and Australia.

In essence, the growth and linkages of these markets were not primarily driven by a reach for yield, or purely local speculative frenzy. Rather, it was a result of the incredible growth in global GDP attributed to the Chinese real estate market, and as a refuge for newly created wealth leaving China. And it has been a one-way flow, given foreigners cannot invest in Chinese housing.

https://www.zerohedge.com/markets/who-gets-house-divorce-between-united-states-and-china