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Cooling China property market 'raising debt risk'

Falling land sales and lack of other revenue sources strain finances of local governments

[BEIJING] China's weakening property market poses an increasing danger to local governments, threatening to strain their finances and intensify an economic slowdown. Land sales in 20 major cities fell 5 per cent in March from a year earlier, the biggest drop in at least a year, according to China Real Estate Information Corp data compiled by Bloomberg. The value of land sales in third-tier cities declined 27 per cent last month, according to SouFun Holdings Ltd, the nation's biggest real-estate website...

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