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Global Times: Chinese Housing Market Saw Record Decline in January

Global Times recently reported that, according to the numbers that the National Bureau of Statistics released, in January, the price of new houses suffered a year-over-year decline of 5.1 percent. It was the worst decline since the Bureau started tracking this index. The statistical scope covered 70 cities. Of those, 64 saw a decline in January. In the past several months, the Chinese housing market has been consistently on the decline, including in many mid-sized cities. More and more investors are moving their money into the stock market. Real estate and its related industries hold a one-quarter share of the Chinese economy. Analysts expect a continued trend of decline in this sector, especially given the situation that the already huge real estate inventory is still seeing growth.
Source: Global Times, February 17, 2015