China's property sector is a foundation stone of the economy, accounting for almost a quarter of the country's fixed asset investment. But things have turned tepid recently especially compared to last year's hot housing market figures from the National Bureau of Statistics released in September showed that sales of residential houses were down 31% year-on-year.
ôStatistics show that in 2008, commodity house sales suffered the first negative growth for the past 11 years, and China's real estate industry is now facing the most difficult situation since the mid-1990s,ö says Chinese securities company Guotai Junan in a recent report.
The gap between supply and demand is at a new high. The first half of 2008 saw...
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