Dropping housing prices: China's own crisis

by Getty Images via DaylifeHousing prices are coming down fast, notes the Economic Observer, adding to the real estate crisis that is hurting China's economy, and local dignitaries, already for a while. Selling real estate should be the habit of the season, but the opposite is happening, notes the paper:

In the first week of October, the daily-average price for houses traded in Shenzhen had tumbled below 10,000 yuan per square meter, crossing the psychological line in measuring the decline of the market.Traditionally, the period from September to late-October has been the high season for property markets. However, this year's Shenzhen annual autumn fair for real estate that opened on September 29 had registered dismay results, according to participating developers.

More details from Hangzhou and Beijing in the article.

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