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"The collapse in the real estate market has already occurred," says Steve Dickinson reporting...

"The collapse in the real estate market has already occurred," says Steve Dickinson reporting from Qingdao, the only question is how the government will pick up the pieces. The only sales taking place are those at 30-50% discounts and work on uncompleted projects has slowed or stopped. Land sales - a key source of government revenue - are no longer getting a bid at any price.
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