How is that for a real estate bubble deflation, Chinese-style? According to China Daily:
The Beijing Municipal Commission of Housing and Urban-Rural Development will revoke the qualifications of 477 real estate enterprises.
These real estate enterprises did not apply for extensions after their qualifications expired or have canceled their business licenses, said the statement. The list contains some subordinate real estate enterprises of some famous companies, as well as some unknown enterprises.
Original article: China Daily