Time to Cool Down

In China, golf courses are called "green opium," but not because the game is addictive. It's because mainland property developers seem unable to stop building them. China has an estimated 200 courses—not a lot for a nation of 1.3 billion, but hundreds more are planned or under construction. At least they were until recently, when China's Cabinet, the State Council, discouraged investment in new links as part of a broader effort to control what Beijing calls haphazard and redundant property projects. Across the mainland, developers now find themselves in a sand trap. "We're still working on due diligence to see if...

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