Export is 20% of China's economy, real estate is another 20-30% of China's economy. That's 50% of the total economy. Based on on the ground estimate (short sale/foreclosure by the court figures), real estate price has collapsed 50%. Based on Hong Kong numbers, export has collapsed 40%. The vicious cycle of collapsing demand -> job losses -> weakening spending -> investments pulling out -> collapsing demand will see no end.