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New apartment building developments seen standing behind propaganda for the Chinese Communist Party in Kunshan, Jiangsu Province, China on 25 October, 2011. As China's central government shows no intention to loosen its policy restrictions on the housing market despite 4 consecutive  months of price drops,  local governments must find a way to repay the 10.7 trillion yuan ($1.7 trillion) in debt as their land sale revenue dropped 13 percent from the previous year and with no end in sight.
New apartment building developments seen standing behind propaganda for the Chinese Communist Party in Kunshan, Jiangsu Province, China on 25 October, 2011. As China's central government shows no intention to loosen its policy restrictions on the housing market despite 4 consecutive months of price drops, local governments must find a way to repay the 10.7 trillion yuan ($1.7 trillion) in debt as their land sale revenue dropped 13 percent from the previous year and with no end in sight.