Worsening Chinese Property Market- Good News for Indian Steel Producers?

The world’s second largest economy is imperiled with its real estate market tumbling into a severe depression which was once booming. Accounting for about a quarter of China’s economy, China’s property market has lurched from crisis to crisis. What was once considered to be a safe investment in China has now become a source of disappointment and anger for many. Some developers have defaulted on their debts and struggled to complete projects, which has led to homebuyers unwilling to pay their mortgages in more than hundred cities-slowing China’s economic growth.???

According to official sources, home sales decreased 32% in the first half of this year compared to the same period last year. The report further stated that nearly hundred biggest developers witnessed a 50% decline in housing sales.?

But what triggered the real estate market to slid into severe depression.?