China’s housing developers showed great concern over the plunge stock market fearing the further decline in housing market. The statistics showed that the number of sales closed in Beijing for the week of June 9 was 2017, a 25 percent down compared with the same period of 2007 and 50 percent down from 2006.
China’s stock market fell over 10 percent last week, the worst ever in the past twelve years.
Source: Xinhua, June 16, 2008
http://news.xinhuanet.com/fortune/2008-06/16/content_8380076.htm