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May 30, 2006
Meanwhile in China ...
The Chinese government is alarmed about speculation in the housing market and is trying to dampen it.
Here's an article about it from the English edition of the People's Daily.
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China?? Real Estate Housing Dilemma
In roughly a decade or so, urban china has evolved from having a heavily subsidized system of government-owned housing to a free-wheeling, market-driven one with all the opportunities and inequalities that come with it.
The ever-morphing commercial skylines of Beijing, Shanghai, and Shenzhen; the stories of buy-and-flip property speculators; the sometimes garish consumer culture of chinas urban monied elite -- no doubt about it, the new opiate of the masses on the mainland is real estate. As economic reforms deepened in the mid-1990s, both Chinese President Jiang Zemin and Premier Zhu Rongji started to dismantle that system, which was pretty much history by 1998. A more market-driven china needed labor mobility, a dynamic private sector, and a housing market that better reflected demand. "To get rich is glorious" became the new mantra.
Posted by: Troy at August 12, 2006 03:38 PM