Home Truths; China's Property Market  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 395 no. 8684 (May 2010), page 75-77.
Topik: Economic Policy; Property Values; Housing; Mortgage Rates; Economic Conditions

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.63 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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China is experiencing a property boom, in which 1.87 billion square metres of living space were under construction in the first quarter of this year, 36% more than a year earlier. The boom has resonated widely. Banks have expanded their mortgage-books briskly; local governments are filling their coffers by selling land to developers or to the "urban investment vehicles" they sponsor. Property and construction represent about 10% of China's GDP, not counting the consumer goods that homebuying inspires. Home prices in 70 Chinese cities rose by 12.8% in the year to April, according to China's National Bureau of Statistics. That was a record, and probably an understatement. The bureau also counts the total sales value of homes - 384.6 billion yuan ($56.3 billion) in April - and the floorspace sold (72.4m square metres). Dividing one by the other gives an alternative gauge of prices, which increased by almost 18% nationally in the year to April and by over 95% in Beijing. But policymakers have also imposed new curbs on housing speculation, raising down-payment requirements and mortgage rates.

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