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China hit an ominous milestone this week as one of the largest property developers reported a 96% profit drop, blaming a "severe depression" in the real estate market where "only the fittest can survive," reported WSJ.
Garden Holdings Co.'s first-half earnings crashed the most since its 2007 listing in Hong Kong as the housing market crisis worsened. It said preliminary net profit collapsed from $2 billion to just $88 million in the first six months.
Alarm is spreading in China as the once robust property market is at risk of collapse. The Guangdong-based company warned demand is slipping and property values are sliding...
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