Stay cautious as bubbles burst amid tighter money
Real estate prices in Ordos are said to have dropped sharply to an average 3,000 yuan per sq m. So not only is de-leveraging occurring in Europe and the United States, it is in China too to a certain extent.
Don't underestimate the effect on Hong Kong, where the stock market plunge has caused investors to lose huge amounts in the past few months.
Meanwhile, property developers have started selling flats below secondary market prices.
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