China’s economy is sputtering as evidence mounts that a nationwide property bubble is on the point of bursting.
Virtually every indicator for economic growth in China turned down in April as the all-important real estate market saw sales fall 7.8 per cent in renminbi terms in the first four months from the same period a year earlier.
Investment in real estate is the single most important driver of the Chinese economy and a crucial factor in global commodity demand and pricing. But in the first four months newly started construction projects fell 22.1 per cent compared with a year earlier, according to government figures released yesterday.
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