China's Overheated Property Market: Clampdown Ahead?

A man walking past an advertisement for a real estate company in Dalian, China Photograph by Tomohiro Ohsumi/Bloomberg

China’s property market is on fire. Prices for new homes soared by as much as 20 percent in the country’s four biggest cities in September, over the same month a year earlier—the most since January 2011. In Beijing, they were up 16 percent, in Shanghai, 17 percent, and they were up 20 percent in both Guangzhou and Shenzhen. Of 70 major cities, only one, Wenzhou, saw a drop.

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