In a report published on September 13, Southern Weekend said that Wenzhou housing speculators are now dumping real property, and that property owners have relinquished over 10,000 units of flats or commercial property with outstanding mortgages or were pledged to banks. This number exceeded the total supply of new flats in Wenzhou in 2012.
Since the funds used to speculate real property in Wenzhou came almost entirely from private capital, other areas were not too worried if Wenzhou would be the first fallen domino leading to the burst of property bubble.
Yet, whether or not this bubble would burst in the near future, one cannot help but feel that this so-called golden age (better called as "gilded age") of China is a period of absurdity when reviewing this unitary “pillar industry” of China and all the tragedies and bizarre things that happened around it.