A 5.5-magnitude earthquake that hit the Eastern Chinese province of Shandong in the early hours of Sunday caused the collapse of 126 buildings and injured at least 21 people, according to early reports from state media.

The quake struck the county of Pingyuan in the Dezhou city at 2:33am Sunday, Xinhua News Agency reported. No leaks were found in oil and gas pipelines and power supply was normal, the report said. 

State-run CCTV later said the quake may have had a maximum magnitude of 7 at a depth of 10 kilometers and warned that there may be more casualties, citing data from the China Earthquake Administration. 

Eoin Treacy's view

The slew of natural disasters in China over the last week, from record floods to earthquakes, offers ample scope for the government to change course and provide the fiscal stimulus the economy needs. How China decides to deal with the slowdown in the property sector will have global repercussions.