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Despite concerns over trade tensions between China and the US, overseas investors are flocking to Chinese real estate markets. Shanghai in particular is viewed as a gateway destination by global institutions which believe they must have a presence there in diversifying their portfolios.

Despite a relatively large increase in home prices in third-tier cities, studies have found that at the end of 2017, local residents in 85 third-tier cities need to save four to eight years of their income to buy a home, meaning that house price to income ratios are not too high in these cities, he said.

Demonstrations have continued for nearly two weeks across the US, following the death of Floyd, a 46-year-old black man who died after Derek Chauvin, a white policeman, knelt on his neck for nearly nine minutes on May 25 in Minneapolis, Minnesota.

Deng Haiqing, chief economist with JZ Securities, wrote in a note on Thursday that China needs to cut leverage in a more accurate way in order to achieve the target.

Democrats allege that Republicans are pushing West's candidacy in Wisconsin and elsewhere in hopes of drawing African American voters away from Biden to boost Trump's reelection chances.