In China, falling property prices in the eastern city of Wenzhou triggered $1 billion (6.4 billion yuan) of bad loans as buyers abandoned homes and stopped making mortgage payments, according to the country's Economy & Nation Weekly.

China’s slumping property market is a drag on the world’s second-biggest economy and banks’ profits, with lenders’ soured loans increasing for almost three years. New home prices fell last month in 64 of 70 cities tracked by the government.

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