Home prices and sales plunge after China's government intentionally slams on the brakes. Some recent buyers stage demonstrations, destroy real estate offices and demand refunds of up to 40%.
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People who made down payments on homes at a China Vanke Co. development protest in Shanghai outside the Vanke Shanghai Center, standing opposite a row of security guards. (Qilai Shen, Bloomberg / December 13, 2011)
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Reporting from Beijing— Falling home values. Debt-strapped borrowers.
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Real estate woes dogging the economy. It's old news in the United States, but now the air has started to leak from another great housing bubble — in China.
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Home prices nationwide declined in November for the third straight month, according to an index of values in 100 major cities compiled by the China Index Academy, an independent real estate firm.
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Average prices in the Shanghai area are down about 40% from their peak in mid-2009, to about $176, 000 for a 1, 000-square-foot home.
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