Housing is a crucial engine of growth for many economies. In China, housing makes up 15 percent of the economy. So when it goes wrong, it is noticeable.

Across China local goverments have been investing in grand projects, with ghost towns emerging as a result.

The government has been trying to tackle the problem of oversupply and falling property prices.

But two interest rate cuts later, selling property in places such as Yingkou has not got any easier. In the bustling old town, there is little appetite among people to move into the empty skyscrapers up the road.

So has the property bubble burst? And how will it impact the Chinese economy?

Al Jazeera's Harry Fawcett brings the story of property developers in China.

Source: Al Jazeera