Furious Chinese Demand Money Back As Housing Bubble Pops

zerohedge.com / by Tyler Durden / 03/24/2014 09:24 -0400
Hell hath no fury like a woman scorned or, it seems, like a Chinese real estate speculator who is losing money. After four years of talking (and not doing much) about cooling the hot-money speculation that is the Chinese real-estate bubble (mirroring the US equity market bubble since stock-ownership is low in China), the WSJ reports that the people are restless as the PBOC actually takes actions – and prices are falling. With new project prices down over 20%, ‘homeowners’ exclaim “return our hard-earned money” and “this is very unfair” - who could have seen this coming?
Via WSJ,

After a four-year campaign by the government to cool spiraling property prices, rises inhome prices are starting to slow and in some smaller cities they are weakening.
Growth in average housing prices in 70 Chinese cities moderated in February for the second-straight month though they were still nearly 9% higher compared with a year ago.
But weaker economic growth, slower home sales and rising volumes of unsold houses haveconvinced developers in a number of cities to cut prices to raise cash quickly.

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