“The sharp drop in China’s housing prices has led to an outburst of anger among property owners, leading to violent clashes in some cases, according to local media reports Tuesday. In one case, scores of property owners surrounded a Shanghai sales office of Greentown China Holdings Ltd. to protest the developer’s 25% cut to prices within a five-day period, according to a report on the NetEase news portal site 163.com. Protesters held banners with slogans such as ‘You cheated us!’ and ‘300,000 yuan [$48,750] worth of assets evaporate within five days — years of work in vain!’ according to photographs of the demonstration posted on the site.”
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