issue with svn 1.2.0 client against 1.1.x server

Hello!
With subversion client version 1.2.0

>time /usr/local/svn12/bin/svn list https://openib.org/svn
branches/
gen1/
gen2/
tags/
trunk/
0.395u 0.067s 1:53.62 0.3% 0+0k 0+0io 0pf+0w

While with client 1.1.4 against the same server I have:

>time svn list https://openib.org/svn
branches/
gen1/
gen2/
tags/
trunk/
0.019u 0.007s 0:04.29 0.2% 0+0k 0+0io 11pf+0w

So subversion 1.2.0 is taking 2 minutes where 1.1.4 takes 4 seconds
to contact the same remote repository.

This observation was independently confirmed by another svn user.
Running strace on versions 1.2.0 and 1.1.4, I see that subversion 1.2.0
does around 17000 system calls, while 1.1.4 only around 750.
Further, most of the time while client 1.2.0 appears stuck,
it is actually performing read/write/select calls, presumably from the socket.

Both clients are built from source with ./configure --prefix=xxxxx --with-ssl
The openib.org server is AFAIK 1.1.x

This problem prevents me from changing my client to 1.2.0.
Is this a known issue?

Thanks,

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