In China, as the growth rate of exports slows down and the stock market falls, so goes the real estate market.
After peaking last year in July, the growth rate of commercial and residential real estate prices is now dropping.
According to brokers, the number of people buying homes has decreased dramatically. And in some neighborhoods, especially in southeast China, prices have dropped by 10 to 40 percent.
The decline is spreading throughout China, affecting not only developers but also ordinary Chinese people. For example, hundreds of home buyers in the city of Hangzhou have been protesting, according to Chinese Business View. They're demanding a refund after developers slashed prices by more than 20 percent for new homes in the same housing complex, effectively cutting the property value for early buyers.