Shenzhen, a city that underwent a dramatic increase in property prices in recent years, saw a price drop of more than 30 percent since the end of last year. It reminded people of the first property bubble burst in China's coastal areas in the early 1990s.

In 1990, the State Council issued a pilot rule on the remise and transfer of urban land's usage rights. It was seen as the beginning of China's real estate industry. Due to high and quick returns from the real estate sector at that time, most of the idle money from banks and enterprises rushed to the property market in coastal cities such as Shenzhen, Hainan, Huizhou and Beihai for land purchases and property development. The over speculative buying and investment finally burst the bubble in 1993 and left many unfinished buildings in those cities, some of which remain to this day.

Editor:Du Xiaodan