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Caixin

How China's housing market slid into a deep freeze

Beijing stands firm to prevent overheating despite plunging sales and valuations

Since the Chinese government curbed their borrowing ability last year, developers are experiencing a sharp drop in home sales.   © Reuters

On Oct. 7, dozens of homeowners gathered at the sales office of a new residential development in Nanyang demanding refunds. The value of their homes had depreciated at least 30% in under a year after purchasing. The average price in a neighboring project by the same developer dropped more than 40%.

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