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Asian Property Prices Are Falling “As If There”s A Global Financial Crisis”

by Tyler Durden, Zero Hedge, 1st September 2014

With China”s property developers slashing prices, piling on incentives, and still seeing sales slump; it is no surprise that demand from the top to the bottom across Asia is falling. As Reuters reports, even Singapore”s Sentosa Cove (the man-made island resort billed as Asia”s Monte Carlo) is eerily silentas the billionaires seem to be staying away with prices down over 20-30% in the past year. New mortgage business is down over 40% as “the rential can”t even cover the mortgage anymore.” As one analyst notes, “the tables have turned,” adding rather ominously that, “The way prices have fallen, it”s as if there is a global financial crisis.”

China”s property plunge continues…(Read More)