Otis elevators and escalators is the largest business division of United Technologies, constituting nearly 30% of the overall company value according to our analysis. However, the division has posted lower revenues in the first half of 2012 compared to the same period in 2011. This decline has been primarily due to lower sales in China where efforts of the Chinese government to control inflation by maintaining high interest rates has impacted growth in the high-end construction market. And this market constitutes nearly 50% of the total sales of Otis in China.
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