From Reuters via The International Herald Tribune:
Wu Qixin left a veterinary career for the money-spinning world of Chinese property in September only to find that a five-year market boom was on its last legs.
Steps by the Chinese government to cool a frenzied residential market are finally biting and are likely to usher in an industry shakeout in which thousands of small-time developers could be forced out of business, benefiting large operators. Beijing wants to stave off the kind of price bubble and crash that depressed the Japanese economy in the early 1990s, flung Southeast Asia into economic meltdown in 1997, and led to the current crisis in U.S. subprime mortgages .[Full Text]