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Housing Slump in China Dragging Down Economic Growth

Beijing_northeast

Lending and sales curbs imposed by the government in China has significantly slowed down the real estate market.

Realestate agents, who were extremely busy just 6 months ago, are no longer making sales.

“There are no buyers,” said Feng, 24. “We take three days off a week. We go out for barbecue and play poker.”

Some analysts fear that the slump will drag down economic growth and banks may be in trouble if developers default on loans.

Image by Kallgan via WikimediaCommons

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