Shanghai property values plunge, recent buyers protest
“Property values in Shanghai are plunging as developers lower their asking prices in an effort to sell into a weakening housing market,” reported NTDTV. “It’s good news for some, suggesting efforts by authorities to cool the overheated housing market are working. But recent buyers are outraged as the value of their investments fall, sometimes by more than 25%.
“China’s property market is slowing and developers are slashing prices to sell new apartments. It’s angering those who bought property in the same building at higher prices.
“The price drop suggests measures by authorities to cool demand – such as cutting bank lending and limiting the purchase of second homes – are working. But some like investment bank UBS are predicting the property market will undergo a ‘hard landing’ in the next few years, according to the Washington Post. That would have major ramifications for the Chinese economy.”
Source: NTDTV (via YouTube), October 26, 2011.
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