China's Economic Woes Mount As Trust Firm Misses Payments, Home Prices Fall

The housing crisis in China could be much worse than expected. In the past week, one of the largest builders in the country missed interest payments, and trading in its bonds, which are now worth pennies, was suspended on Monday. Then there is also the fall in property prices which Chinese officials have denied. But according to market reports, the decline in prices has wiped out more than a fourth in valuations in several big cities.