Markets bombed on 2016’s first day of trading yesterday—the Dow and S&P 500 dropped 2% each (350 and 40 points, respectively), and the Nasdaq dropped 2.4% (119 points).

The plunge in China was a doozy—the CSI 300 slumped 7% before closing. 

Harvard economist Ray Torto tells us that slowing growth in China, the world’s second-largest economy, “cascades to other countries.”

Ray says “the US PMI reinforced the slowdowns seen in China and added a concern about US manufacturing, making lots of investors nervous about global economic growth.”

Slow growth is bad for all investors, real estate included. But Ray thinks real estate investors shouldn’t change their game plan just yet.

“Commercial real estate investors are long-term investors, not traders, so the impact on commercial real estate will be, in my opinion, minimal,” Ray says.“ In other words, long-term strategies will not be altered.”