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China's smaller cities also showing signs of property risk

They can display dangerous fundamentals such as small population inflows and flat income growth

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The fundamental pressure on the property market may originate with China's historic excess saving.

Beijing

BEIJING and Shanghai are now well known for their ballooning house prices - double-digit gains last year prompted more regulatory tightening. But the risk factors that could decide the fate of China's property boom can be found well beyond the capital and biggest city.

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