50 flashbacks signal reform (IV)

0 Comment(s)Print E-mail China.org.cn, October 15, 2014

An abandoned construction site in Hainan in 1993. The real estate bubble in Hainan burst in 1993, as housing prices started to plummet. About 95 percent of the 20,000 real estate companies registered in the city in 1988 went bankrupt.

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