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Chinese Housing Inventories Fall to Four-Year Low
The inventory of unsold homes in Chinese cities fell by 10.1% year-on-year in October to a four-year low of a little under 400 million square metres, according to data from 80 Chinese cities compiled by the E-House China Research Institute, a local real estate services provider, and reported by the Financial Times. Inventories have now fallen on an annual basis for 27 consecutive months. The construction sector is a major steel consumer and a strong real estate market has driven rapid housebuilding in recent years.