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China’s First-Home Buyers Shrink as Market Slows, Survey Shows

The ranks of China’s first-home buyers have shrunk amid a market slowdown, according to a report from the Survey and Research Center for China Household Finance.

About 20 percent of buyers are purchasing homes for the first time this year, according to a survey between August and March, compared with 48 percent in 2012, said Gan Li, director of the center and a professor at Southwestern University of Finance Economics. Such buyers accounted for 90 percent in 2000, said Gan, who surveyed 28,000 households in 29 Chinese provinces.