China Unleashes Rapid Drop in New-Home Prices, Sparking Price War

A price war is spreading in China's market for new homes, as local governments ease pricing rules and developers race to recoup cash. Bloomberg sources say one mid-sized residential project cut prices by 18%, forcing nearby developments to follow suit. Other sources say that in Shenzhen, the government approved a reduction of as much as 29%. Bloomberg China Correspondent Minmin Low discusses the details with David Ingles and Yvonne Man on "Bloomberg: The China Show."
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