[HONG KONG] After almost two decades of nearly unceasing increases in real estate prices and construction across China, one of the world's longest-running bull markets finally seems to be stalling, with broad consequences for the country's economy and possibly its politics.

Prices are falling for both new and old apartments. The volume of deals is drying up. And developers are pulling back, furloughing workers and delaying new projects.

In the latest sign, housing starts plummeted 25 per cent in April from a year ago, the Chinese government announced on Tuesday.