3 years ago
robertr
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The Housing Bubble In China
In the latest housing data, new home prices for September rose at the fastest pace in almost three years. In Beijing, new home prices were up 16%, Shanghai 17% and Shenzhen 20% from a year ago. "The problem is Chinese people have very few investment vehicles. They've lost trust in the stock market so they turn to real estate," says Xu Si Tao, China Director of the Economist Intelligence Unit. Xu says the central leadership needs to make bold steps in financial reforms to give citizens more options to invest their money. One measure China is considering is to allow banks to set their own interest rates, creating more competition.
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