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China’s Ghost Cities Keep Up Property-Market Spirits

In Beijing and Shanghai, housing speculators are gasping for air as tighter credit bites. But in the inland cities that drive the bulk of China’s steel and copper demand, property owners have a smile on their face: data released Monday showed prices rose 7% on year in May, the fastest pace since early 2014.

That should help keep a floor under industrial commodity prices this year even as China’s headline growth slows: good news for…

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