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China's property shares take hit as credit tightens

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A farmer walks past a vegetable field near newly built residential buildings in Jiaxing, Zhejiang Province, on Feb. 23.   © Reuters

HONG KONG -- Clouds are gathering over China's real estate market. Government data shows a slowdown in land-price gains and developers have begun cutting prices for condominiums in second-tier cities.

     The market unrest was set off by a press report on March 18 saying Zhejiang Xingrun Real Estate, a realty firm in Ningbo, Zhejiang Province, went belly up. The report sent ripples through the stock market and hit shares in the sector.

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