21st Century Business Herald (vis MNI):

  • The property market in Haining, a fourth-tier city in prosperous Zhejiang province, is on the brink of collapse, a local major developer warned
  • Estimating eight years will be needed to clear inventories
  • Public data shows Haining is sitting on 19,000 units.
  • Several property projects have cut prices and individual developers are facing bankruptcy due to the breakdown of funding chains.
  • Transactions fell to 330 units in March, including 174 units in urban areas with average prices at CNY10,021 per square meter, down from 778 units at over CNY12,000 a year ago.