Before Chinese New Year, Shanghai, this city that once stood for the “China Dream,” suddenly sent out a warning: Second-hand houses fell for 9 months in a row, state-owned companies buying up auctioned houses in big ways; College students starting pay only 4000 yuan, can’t even support themselves; Subway building site suddenly collapsed into a big hole. These things that look separate are really part of a downward death spiral: Housing market crash → Companies lose money → Wages drop a lot → Spending gets low → Government money tight → Building risks → Trust breaks. As China’s most grown, most open city, Shanghai is first to show signs of getting cold, is the next one far away?
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