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.
