Many an investor thought the China growth story couldnt slow...

Many an investor thought the China growth story couldnt slow down just like real estate can only go up,its been one of the biggest drivers for Australia and its all about to come to an end unemployment can only go up from here,this could accelerate the real estate down turn. Check out these statistics on the Chinese housing market,

Year-on-year sales in the first quarter for all real estate DOWN 14.6%.

Residential property sales DOWN 17.5%

Total amount of floor space 'for sale' was up 35.5% year-on-year

Floor space of residential units 'for sale' grew 47.4%

Housing starts DOWN 14.4% year-on-year and 23.4% month-on-month

April land sale revenues DOWN 54.7% year on year.

That should be a wakeup call to anyone who thought China's central planners could manage the downturn. They can't. China's real estate market is in the process of crashing. And it's bringing China's economy down with it.