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December 2, 2008
China's Property Slump
I have a steady parade of email correspondence from people in China saying same, but a Bloomberg story today drives home how quickly the real estate market there is tanking. Read the whole piece, as it's full of useful data on the ripple effects of China's property contraction.
House prices in Shanghai, Shenzhen and Guangzhou are plunging, and the global economy may grind almost to a halt next year because of it.
Construction of homes, offices and factories fell at least 16.6 percent in October after rising 32.5 percent a year earlier, according to Macquarie Securities Ltd. That's squeezing an economy already slowed by recessions in the U.S., Japan and Europe that have cut demand for exports. Building is the biggest driver of China's expansion, contributing a quarter of fixed- asset investment and employing 77 million people.
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