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China’s Property Market Has Slid Into Severe Depression, Real-Estate Giant Says
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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 Co. , 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.
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