One of China’s largest developers said the country’s property market has tumbled into a severe depression, using some of the strongest language yet to describe the yearlong downturn and the financial pain it has caused.
Country Garden Holdings which for years ranked as China’s top real-estate developer by contracted sales, on Tuesday reported a 96% drop in first-half profit after selling a third fewer homes than it did a year ago.
Source: https://www.wsj.com/articles/chinas-property-market-has-slid-into-severe-depression-real-estate-giant-says-11661863259?siteid=yhoof2&yptr=yahoo