[photopress:property_Jinan_exhibition.jpg,full,alignright]Chen Huai, dean of the policy research office of the ministry of housing and urban-rural construction, said the spreading sub-prime crisis in the United States was unlikely to have a serious impact on China’s real estate sector. He also also denied that China’s real estate sector is in the trough.
He said, ‘The process of urbanization in China is a long-term strategy that will last 20 to 30 years, it will not be easily affected by individual events such as the American sub-prime crisis and the Olympic Games.
He said the sub-prime crisis would not bring a ‘winter'” for China’s real estate industry, because ‘it’s not Chinese banks that granted mortgage to the U.S. people, and it’s not the Chinese people who have borrowed from the U.S. banks.’
Ths illustrations shows visitors viewing models of apartment buildings in a real estate fair in Jinan, capital of east China’s Shandong Province.
Source: China View