Bloomberg reports that the biggest risk facing China's economy - the cooling property market - is about to get worse

Bloomberg reports that the biggest risk facing China's economy - the cooling property market - is about to get worse. Developers are reportedly reluctant to sell properties at lower levels, preferring to wait for a recovery. The worsening (property) glut would extend a slide in construction that's already put a drag on the world's second-largest economy, and counter policy makers' efforts to stimulate the real-estate industry with loosened rules. In Nanjing, eastern China, nine housing projects originally planned for sale in the first half of 2014 were held for later this year. Overall, the number of homes added to the market in July in 21 major cities dropped a massive 25% from June.


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