Asia has seen a substantial debt buildup in recent years. Debt growth reaccelerated during and after the 2008 global financial crisis as fiscal stabilisers kicked in and some policymakers tried to mitigate the effects of the downturn in their countries.

The weakness in the mainland's housing sector comes against a backdrop of rapid credit growth in recent years, which itself has prompted worries about risks to financial stability and growth, Goldman Sachs said in a report.

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