The New York Times reports on China’s declining real estate market:
Although the last national statistics showed single-digit growth from July 2007 to July 2008 in the average price of commercial and residential real estate, real estate brokers say prices are down from peaks reached earlier this year, while the number of transactions has plunged.
This downturn comes as the growth rate of Chinese exports has slowed — sharply in yuan terms — and stock markets have plummeted. The confluence of events has resulted in what economists describe as a deceleration in China’s economic growth — although at nearly 10 percent it remains the envy of many nations.
