The concentrated nature of the real estate industry in China was a key factor triggering the ongoing property market crisis in the country, a new study by the University of Michigan has found.

In 2018, a few years before the beginning of the market's downturn, the top five real estate developers in China accounted for 30 percent of the country's entire housing production—compared to a share of 13 percent in the U.S. The collapse of some of the biggest developers in China—Evergrande and Country Garden—inevitably dragged the market down, the University of Michigan's study concluded.

Read the full story at Newsweek. Or take a look at the study