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Australian home prices slide as Chinese money dries up

December marks sharpest fall in 35 years, casting shadow on economy's resilience

The housing market contraction poses a threat to Australia's 27-year streak of economic growth.   © Reuters

SYDNEY -- Australia's housing prices staged the largest monthly drop in 35 years during December as a slowdown in Chinese investment helped push a cooling market into a deep freeze.

The market contraction could undermine Australia's economy, which has been on an upswing for 27 consecutive years.

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