Weeks ahead of the Chinese Communist Party’s 20th congress, at which Xi Jinping, the country’s president, is expected to secure a third term as party leader, an already big problem is becoming even more alarming. More than two-thirds of urban households’ wealth is tied up in property and the industry underpins a fifth of gdp. The housing market is slumping into a deepening hole, dragging the economy down and even causing small outbreaks of social unrest.
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