Many outside experts have speculated that a bubble is brewing in China’s property market. Now a major insider is expressing the same thought.
Zhang Xin, chief executive of Soho China, one of the country’s most successful privately-owned real estate developers, says the government’s stimulus program is creating a bubble.
“Real estate prices should only go up because people want to actually use the space, but at the moment we can see more and more empty buildings across the whole country and in every real estate segment,” Zhang told the Financial Times.
Property prices in 70 of China’s biggest cities gained 3.9 percent in October from a year earlier, accelerating from September’s 2.8 per cent increase, according to official data. (more)
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