China’s property crash: ‘a slow-motion financial crisis’

The impact of falling house prices is spreading to local government finances and the broader economy.

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Lucy Wang is a victim of China’s gathering economic gloom. A property market that has contributed around one quarter of GDP has over the past decade turned sour, triggering a series of secondary effects that are smothering growth in the world’s second-largest economy.
Lucy Wang is a victim of China’s gathering economic gloom. A property market that has contributed around one quarter of GDP has over the past decade turned sour, triggering a series of secondary effects that are smothering growth in the world’s second-largest economy. (Foto: Future Publishing/Getty Images)