Skip to Content.
Sympa Menu

homestead - [Homestead] China (and U.S.) who gets the money, shaft in house prices

homestead AT lists.ibiblio.org

Subject: Homestead mailing list

List archive

Chronological Thread  
  • From: Tvoivozhd <tvoivozd AT infionline.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] China (and U.S.) who gets the money, shaft in house prices
  • Date: Tue, 21 Sep 2004 12:54:07 -0700




China Urges Local Governments to Control Soaring Housing Prices, Amid Warnings of Possible Correction

*By Elaine Kurtenbach* The Associated Press
Published: Sep 21, 2004

Advertisement


SHANGHAI, China (AP) - China's construction ministry has warned local authorities to curb soaring real estate prices, amid warnings by some analysts that the market may be headed for a correction.

The ministry urged local officials to boost the supply of low-cost housing, saying a shortage of affordable homes has left the market unbalanced and driven prices higher, the official Xinhua News Agency reported Tuesday.

The average housing price nationwide in the January to August period was 255 yuan ($30) per square foot - up 13.5 percent over the same period last year, it said.

Prices in major cities have risen much higher, much faster, with the average housing price per square foot in Shanghai about twice that figure.

The central bank warned last month in a quarterly report that a change in policy was needed to prevent a speculative bubble that could lead to a collapse in prices and put further strain on the country's fragile banking system.

Banks have also been told to cut back on lending for property development and other construction.

AP-ES-09-21-04 0945




  • [Homestead] China (and U.S.) who gets the money, shaft in house prices, Tvoivozhd, 09/21/2004

Archive powered by MHonArc 2.6.24.

Top of Page