Real Estate Sizzles
Categories: In The News, International, Real Estate News
hi
Now that I got your attention, the rest of the title sentence is - in China.
According to the Miami Herald, of all the Asian’s markets, China is the hottest and “housing prices are soaring amid strong economic growth and surging demands from developers and upwardly mobile families who want to upgrade their homes.”
New apartments north of Shangai’s famous waterfront are selling for a record $17,000 per square meter. “The biggest property lender, China Construction Bank, recently issued a report warning that China’s banks are entering a high-risk period for personal housing loans.”
According to Chinese Premier Wen Jiabao, “the government needs to tighten controls in order to keep real estate speculation from causing market disorder”.
Sound familiar? In the United States we are just beginning to emerge from the consequences of a “wild” and out-of-control real estate market ride. Maybe the Chinese need to look west to see what can happen…
