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    Homebuyers are put off by expensive or elusive credit; Banks are rationing credit to developers; prices of building materials like cement and steel have soared.

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    This paper studies the lender-borrower relationship alternation case of Kaifeng Zhengda Company, showing the borrower's dominance and its institutional effects. The conclusions are as follows.

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    This paper studies the lender-borrower relationship alternation case of Kaifeng Zhengda Company, showing the borrower's dominance and its institutional effects. The conclusions are as follows.

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