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Pedestrians and their reflections are silhouetted against the bright walls of a new apartment development 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.
Pedestrians and their reflections are silhouetted against the bright walls of a new apartment development 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.