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China Starts Experiment to Tame Its Wild Property Market

  • Xi vows to grow rental market amid outcry on home prices
  • Local governments, developers, banks flock to the business
Bloomberg business news
Bloomberg’s Paul Panckhurst reports on China’s efforts to tame the nation’s property prices. (Source: Bloomberg)
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Chinese President Xi Jinping has unleashed the world’s biggest experiment aimed at taming runaway property prices.

After Xi used a milestone Communist Party Congress in October to push a housing model that emphasizes renting, a flurry of activity is underway by developers, banks, local governments and even the biggest stock exchange. The push is the first of a package of programs, including a long-awaited property tax, poised to unfold over several years to rein in one of the world’s wildest real estate markets.