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Nice preview of what will happen when China slows down. It seems that a soft landing is as good as impossible. Everyone has planned their expansion for eternity economic prosperity and triple digit growth annually.
http://www.reuters.com/article/rbssF...25098020080116
PDATE 1-China property firm's woes spark fierce protests
By Simon Rabinovitch and Jerry Hua
BEIJING, Jan 16 (Reuters) - Employees and customers of a leading Chinese real estate agency have held rowdy protests after the closure of many of its offices in the south sparked worries about the health of the firm, local media reported on Wednesday.
Chuanghui, which bills itself as the country's biggest real estate agency, said it had closed 1,000 of its 1,800 outlets since October because of a deteriorating market but added that these cuts would let it stay afloat.
A company official blamed the company's woes, including an 80 percent drop in its Shanghai business, on government policies to cool the real estate sector and rein in credit growth that have weighed heavily on property prices across the country.
One photo on a newspaper Web site showed people standing in front of locked doors with a sign reading: "Chuanghui, give us back the money we earned with our own blood."
Newspapers reported that looters had smashed some of Chuanghui's offices and run off with computers and printers.
By Simon Rabinovitch and Jerry Hua
BEIJING, Jan 16 (Reuters) - Employees and customers of a leading Chinese real estate agency have held rowdy protests after the closure of many of its offices in the south sparked worries about the health of the firm, local media reported on Wednesday.
Chuanghui, which bills itself as the country's biggest real estate agency, said it had closed 1,000 of its 1,800 outlets since October because of a deteriorating market but added that these cuts would let it stay afloat.
A company official blamed the company's woes, including an 80 percent drop in its Shanghai business, on government policies to cool the real estate sector and rein in credit growth that have weighed heavily on property prices across the country.
One photo on a newspaper Web site showed people standing in front of locked doors with a sign reading: "Chuanghui, give us back the money we earned with our own blood."
Newspapers reported that looters had smashed some of Chuanghui's offices and run off with computers and printers.
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