Check out these facts from economist Andy Xie:
1) Housing prices are up 50% in the past year in some parts of the country.
2) Housemaids are asking for time off so they can return to their village to buy an
apartment before it is too late.
3) Sales girl urges: Buy two! In a few years time prices will rise so much it will be
like getting the other apartment for free.
4) Banks offer unlimited credit for real estate purchases because the central bank is
flooding the market with stimulus money.
5) Local governments are addicted to the revenues from the property sales tax and will
do whatever it takes to keep the bubble going.
6) One local official caught owning 24 apartments. Wonder where he got the money?
7) Real estate mania has now spread beyond the cities to dusty rural towns.
8) Government works to free up as much land as possible for development.
9) In some markets land is so valuable it is worth more than the improvements.
10) Foreign money is flooding into China to participate in the bubble and the yuan
appreciation against the dollar that everybody says is sure to come.
1) Housing prices are up 50% in the past year in some parts of the country.
2) Housemaids are asking for time off so they can return to their village to buy an
apartment before it is too late.
3) Sales girl urges: Buy two! In a few years time prices will rise so much it will be
like getting the other apartment for free.
4) Banks offer unlimited credit for real estate purchases because the central bank is
flooding the market with stimulus money.
5) Local governments are addicted to the revenues from the property sales tax and will
do whatever it takes to keep the bubble going.
6) One local official caught owning 24 apartments. Wonder where he got the money?
7) Real estate mania has now spread beyond the cities to dusty rural towns.
8) Government works to free up as much land as possible for development.
9) In some markets land is so valuable it is worth more than the improvements.
10) Foreign money is flooding into China to participate in the bubble and the yuan
appreciation against the dollar that everybody says is sure to come.
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