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China's property sector has been in turmoil for over two years, with a wave of defaults on bond payments and a sharp decline in home sales. The situation has worsened in recent months, with several major developers missing bond payments and analysts raising their default rate forecasts. The property sector is a major driver of the Chinese economy, accounting for about 25% of GDP. The sector's problems have had a ripple effect throughout the economy, leading to job losses and lower consumer spending.
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