Property slumps in Shenzhen as credit tightens

Overall real estate transactions in Shenzhen have slumped and property
prices have dropped slightly as a result of macro control measures imposed throughout the year in the city. Policies such as tightened credit in July and September, which followed a high-profile embezzlement scandal in a local secondhand property agency, were responsible for the closure of about 20% of Shenzhen's secondhand property agents in recent months, China Business Net reported (in Chinese). In mid-November Jiang Fei, president of Shenzhen Zhongtian Real Estate, disappeared with US$3.5 million in embezzled funds.