
A state crackdown on China's colossal property market has helped send one of its biggest developers to the brink of collapse, and analysts warn the fallout could lead to the bursting of a bubble that has been building for more than two decades.
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China's property market has been a critical part of the economy, as Beijing's promise to improve people's living standards translated into new homes that in turn fuelled massive construction.
Hundreds of millions of middle-class Chinese see property as a key family asset and status symbol.
China's housing scene took off after key 1998 market reforms that boosted the private market from employer-designated homes - rocketing in a breath-taking building boom on the back of rapid urbanisation and wealth accumulation.
But as prices soared, an anxious Beijing fretted about wealth disparity and the potential for social instability.
The average apartment price was 9.2 times disposable income last year, according to services firm E-House China, pricing many out of the market.
Highly leveraged developers have also prompted fears of financial instability.
Last year, Beijing introduced metrics to cap debt ratios called "three red lines" and tightened scrutiny over crucial funding raised by pre-sale deposits.