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Determined to curb speculation in the red-hot property market,the Chinese govement has taken a series of measures,including applying capital gains tax and tightening credit conditions. Real estate developers have started to feel the pinch as residential property sales slow down in some cities. Cashstrapped private property developers in particular feel bued.But for those State-owned developers with various govement support, a tightened market might mean an opportunity to overcome their private peers.