After more than a decade of boom, China’s real estate industry is now facing a serious market slump. Many small to medium-sized real estate development firms have filed for bankruptcy this year. And many large developers are drowning in debt, and have to cut prices to boost sales.
Recently, China Evergrande Group, the country’s second largest developer by sales, slashed the price of unsold units by 30 percent in its new condo tower, Future City, in Yueyang of Hunan Province. Angry customers who had purchased units before the price drop and now demanded a refund were beaten up by hired thugs.
