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Though the ambitious promotion schemes had only marginal effects in boosting sales, they left many earlier customers feeling cheated of their new homes’ value.
China’s real estate bubble is looming with over 1 billion square meters (10.7 billion square feet) of unused housing, according to Zhu Min, deputy managing director at the International Monetary Fund said this April at a meeting in Washington, D.C.
According to mainland Chinese reports, high graveyard rents in urban areas sometimes far outstrip those of housing in the same area.
