China’s property woes and U.S. sanctions have hit some cities hard

Key Points

China’s property struggles and U.S. sanctions have significantly affected some of its cities, even as others benefit from Beijing’s tech push, Milken Institute’s best performing cities China index showed Tuesday.
Hangzhou, capital of the eastern Zhejiang province and home to Alibaba and other tech companies, ranked first in this year’s rankings.
Other cities, such as Zhuhai, once a “rising star,” dropped in the rankings due to the slump in real estate.

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