Anyone that tracked the last downturn in Chinese property in 2011 will recall that riots broke out as developers discounted. It’s begun again. From MarketWatch:
In one case, scores of property owners surrounded a Shanghai sales office of Greentown China Holdings Ltd. 3900, +7.19% GTWCF, -33.19% to protest the developer’s 25% cut to prices within a five-day period, according to a report on the NetEase NTES, +2.06% news portal site 163.com.
Protesters held banners with slogans such as “You cheated us!”…
…In the eastern city of Jinan, banner-carrying owners blocked a street to protest another 25% price cut for a local housing development, this one conducted over the space of two weeks, according to the local-government-run Life Daily newspaper.
The protesters clashed with a group of counter-protestors suspected to have been hired by local developers, injuring some of the demonstrators…
It’s going to get worse!
