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PHOTO: A man walks outside a property agency featuring posters of the latest high-rise apartment buildings in Hong Kong February 13, 2015. Tyrone Siu/Reuters
The world’s biggest real estate market is slowing down. And it’s not because of failing subprime mortgages or an economic crisis.
China’s property market – worth seven times that of the U.S., based on total value of new homes sold – is weakening… again.
China’s new home sales hit US$1.69 trillion last year, as an estimated 22 million Chinese moved from rural areas into cities (that’s like the entire populations of the U.S. states of Kentucky, Louisiana, Alabama, South Carolina and Kansas moving to the city)
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