In most areas China is doing well. But not in home prices. They just keep surging skywards.
For the past month the government has set in motion measure after measure to curb soaring property prices and stop speculation. Economists think these need time to work.
Wang Zhaoxing, vice chairman of the China Banking Regulatory Commission, said loans to property developers and residents to buy homes accounted for 20% of total new loans. He said, "Bubbles do exist, but China’s economy is not heading for a crash. And the claim that China’s property sector is more inflated than Dubai’s is a huge exaggeration."
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Property: slight braking
Property: slight braking