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China debt crunch

In Evergrande's backyard, real estate agents try to stay upbeat

Shenzhen property market hit by developer's debt crisis and government curbs

Real estate agents in Shenzhen say they have seen a marked slowdown in recent weeks.   © Reuters

SHENZHEN -- China Evergrande's financial woes are being felt in the property developer's backyard as sales agents and homebuyers confront uncertainties in a sector that has been one of the most important drivers of economic growth.

Real estate agents in the southeastern Chinese city of Shenzhen say they have seen a marked slowdown in recent weeks as Evergrande's failure to meet debt obligations has made headlines, and government restrictions to cool the market continue to bite. The weak market sentiment extended to the larger Guangdong Province that is home to the other members of China's big three developers, Country Garden and Vanke.

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