Wind Knocked out of China’s Housing Prices

From Economic Observer Online:

In the post-Olympic era, a wave of price cuts for real estate appeared to have swept across major cities in China, which earlier this year was still a property hotspot.

Property developers in Shenzhen, southern Guangdong province, were among the first to slash prices to boost the sluggish local real estate market.

The move, however, triggered a domino effect across the country, with developers in Hangzhou, Beijing and other large cities following suit.