Tuesday, June 21, 2011

Some in China Totally Get It

"Unlike real industries, property alone cannot 'make' any money" --Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd

That was the closer to this article about property speculators invading 2nd-and 3rd-tier cities.

Record realty prices head to lower-tier cities
In an earlier interview with China Daily, Zhou Dewen, head of the Wenzhou SME (small and medium-sized enterprise) Development Association, expressed concerns that the current property spree will grind to a halt.

"In the worst scenario, after the land-bidding spree sidelines industrial production and fuels more record property prices, the bubbles in the housing market will burst and the economic boom will end with a hard landing," Zhou said.

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