"Residential property prices are in freefall in China as developers race to meet revenue targets for the year in a quickly deteriorating market."
“The price war has begun.”
“strictly implement the central government’s real estate policies in the coming months to let citizens see the results of the curbs.”
Over the past week and a half stunning price cuts are turning up everywhere. One builder — Excellence Group — even said it would sell flats in Huizhou at its development cost.
"if the bubble pops, it will have serious consequences in the U.S. America sold $92 billion in goods and services to China last year. If China succeeds in moving away from its model of cheap land and cheap capital and makes a smooth transition to an economy based more on domestic demand, hallelujah. But if Chinese land prices plummet, there will be less demand for raw materials and a steep decline in world commodity markets and global trade in general."
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