SHANGHAI -- Prices for existing homes in China are tumbling even in major cities as an influx of sellers and a dearth of buyers undermine the once-unquestioned assumption that the market would only keep growing.
Zhang Li (not her real name), an employee at a Shanghai law office, experienced this downturn firsthand. Eyeing a move into a larger home for her four- and 10-year-old daughters, she put her Shanghai apartment up for sale last August for 4.98 million yuan ($690,000).
