Prices of new homes in China’s capital plunged 26.7% month-on-month in March, the Beijing News reported Tuesday, citing data from the city’s Housing and Urban-Rural Development Commission.
Prices of new homes in China’s capital plunged 26.7% month-on-month in March, the Beijing News reported Tuesday, citing data from the city’s Housing and Urban-Rural Development Commission.
The condo bubble has burst on the asking prices for never sold new homes in China
being held off the market? This could get really ugly, really quickly.
China bust… Sweet music.
This should be expected as there tends to be higher vacancy rates throughout the country when democratic protesters disappear into communist jails or dissent is stifled with a bullet to the back of the head. And I think these are the kind of regimes that Iggy and Taliban Jack want us to get friendlier with.
Wondering how this affects real estate market here in Vancouver? Offshore buyers are driving up real estate prices in the lower mainland.
Does the number offshore buyers dry up, resulting in our real estate numbers dipping down? Or do we continue to see an increase in offshore buyers and real estate prices, as they like our market better than their own?
Houses in the Point Grey area of Vancouver where I live are going for up to $700,000 ….. above asking price! (the cheery realtors’ brochures always have an exclamation mark).
All mainland Chinese. All set up by phony bidding wars.
It’ll be interesting to see if this takes some of the pressure off.
I kid you not — I know someone who says it’s not a bubble ‘cos there a lot more where that came from, i.e., all mainland China is scheduled to move to Vancouver?!
$1.7 million for a “tear-down” on a 33″ lot. Not a bubble?!? Tulip mania stuff!
China will never have an unemployment problem like we do. Every month the people who complain about being unemployed go missing, and that keeps them at full employment. The state will ensure that the homes being built are occupied by someone to keep their economy rolling.
See this:
http://rogerpielkejr.blogspot.com/2011/04/chinas-ghost-cities.html
The state will ensure that the homes being built are occupied by someone to keep their economy rolling.
~mark
Occupation isn’t the same thing as buying a home and being able to afford the other things in life.
It isn’t economic to sell homes for less than it cost to build them or sell to people that can’t afford to eat if they buy a home.
If China goes down the toilet, who’s going to buy all of those American government bonds that keep the U.S. solvent?
There are times when one should not be part of the gloabl village.
Especially when you can’t eat and spell at the same time.
“the capitalists among you must be livid about this.”
@bb gun,
and many western liberals are ecstatic when PRC government, Oh so artificially, keeps renmin down causing American and European products to be uncompetitive. After all it is western imperialists who suffer.
Why would capitalists be livid about watching an artificial market collapse? This just proves AGAIN, that screwing with the market is the problem, not the market itself.
Why would someone be so excited about watching the system that gives them their freedom, prosperity and comfort fail?
Has no one explained what the alternatives are?