China's property slowdown dragging down the economy

The Yudong International complex in Jurong, China. A glut of apartments across the country is partly blamed for a slowdown in the world's second-largest economy - and, by extension, dragging down growth around the world. In some places, home owners a
The Yudong International complex in Jurong, China. A glut of apartments across the country is partly blamed for a slowdown in the world's second-largest economy - and, by extension, dragging down growth around the world. In some places, home owners are taking to the streets in protest.PHOTO: NYTIMES

JURONG (China) • For Mr Hu Peiliang, Jurong, a 45-minute drive from Nanjing, was a city of cranes, concrete and opportunity. He was so sure it was on the cusp of a boom that last year he moved his family there.

On an overcast day last November, Mr Hu, 31, a real estate agent, pointed to one new building after another as evidence. New city blocks have been built, crosswalks and streetlights erected overnight. One development straddling several blocks called Yudong International will include 120 buildings when completed.

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A version of this article appeared in the print edition of The Straits Times on January 02, 2019, with the headline 'China's property slowdown dragging down the economy'. Print Edition | Subscribe