HOMEOWNERS in a middle-class district in northern Beijing are angry. The developer of their block of flats has slashed the prices of new flats now on sale. China’s housing market, barely existent a decade ago, is undergoing its first big downturn after years of boom. The earlier buyers want their money back.
Weaned in unremitting good times, China’s fledgling middle class, whose support the Communist Party sees as crucial, is entering uncharted territory.
I am so smart. I am so smart. S-M-R-T. I mean S-M-A-R-T.