Wu Xuesong, a professor in this city on the Yangtze, says he doubled his money on an apartment he bought as an investment some years back and is ahead on a second.
Buy a third? Forget it.
Mr. Wu slides open a dining-room window and points to the dark shadow of a new apartment complex, where only a handful of lights are on. “No one lives there,” he says. “That shatters my confidence” in China’s long-thriving real-estate market.
Economists have worried for years that China is setting itself up for a housing-market bust. In big international cities like Beijing and Shanghai, prices continue to rise. But evidence is mounting that in dozens of third- and fourth-tier Chinese cities rarely visited by foreigners, overbuilding is out of control and a major property-market slowdown is now under way.
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