China is also experiencing a slow down in investment with infrastructure investment falling to 0.5 percent year on year in November and manufacturing down to 13.7 percent growth from 14.2 percent in October.
Unsurprisingly property investment has also taken a hit with investment growth falling from 7.2 percent year to date in October to six percent in November.
Following the struggles of firms such as Evergrand and Kaisa, a fresh blow came this week as shares in developer Shimao tumbled 20 percent over debt concerns.
Amid the worries over the property industry house prices fell 0.33 percent in November.
Mr Botham said: “Deterioration is not a surprise, in the context of ongoing collapses in sales, and discounting by developers desperate to meet debt repayments and other liabilities.
“It adds pressure to the broader sector, and is an obvious channel for contagion from Evergrande (and now also Kaisa, Aoyuan, Fantasia, and most recently Shimao) to other developers, for whom sales remain the key, if plummeting, source of revenue.”