China’s property market is crashing

There’s no stopping it. First up, September sales were a write-off:

China’s new home sales during the week-long National Day holiday declined significantly from a year earlier, led by sharp drops in lower-tier cities, as the housing market in the world’s second largest economy continues to cool down.

New home sales measured by floor space in 15 sample cities dropped by 33 per cent during the period of October 1 – 7 compared to a year earlier, as most potential home buyers are holding a wait-and-see attitude, according to the China Index Academy, one of the country’s largest independent real estate research firms.

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