Chinese desert property during Spring festival

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Via IFeng:

Year of the chicken Chinese New Year, the national property market exceptionally deserted.

During the Spring Festival holiday, the turnover of new homes in Shanghai was only 949 square meters, shrinking 70% from last year. Hefei, Xiamen, Nanjing and other cities rose last year, housing prices, trading volume for single digits, and a year ago in sharp contrast to the fiery.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.