Prices of new homes in 70 cities fell 0.4 per cent month on month in December after a 0.3 per cent drop in November, according to a Post analysis of official data.
Troubled Chinese shadow-banking firm Zhongzhi Enterprise Group’s bankruptcy application has been accepted by a court in Beijing, which would suggest the central government is ready to handle the fallout, according to an analyst.
China’s economy will not crash but property and local government debt challenges are undermining a country whose GDP is still growing at around 5% a year.