Rising realty prices could spoil China’s uncertain recovery
Recent sales included six high-end apartments at a condominium in Beijing’s Dongzhimen area, a neighbourhood favoured by the city’s expatriates, she said.
Government data on Friday is likely to show China’s annual economic growth rebounded to 7.8% in the fourth-quarter of 2012 from 7.4% in the third, snapping seven straight quarters of weaker expansion.
Chinese leaders may by reassured that the economy has finally turned the corner — even though the recovery is likely to be tepid — but they face a delicate policy balance amid worrying signs of a renewed property frenzy. The home buying spree has not been confined to Beijing.
New home prices in 70 major Chinese cities rose 0.3% in November from October — the fourth month in the last five to show a rise — a modest increase but the most, nonetheless, in 19 months, official data showed.
“The first phase of 44 suites of our project launched last week has almost sold out, with only 6 suites left,” said a salesman surnamed Qua, marketing a development by Wharf Holdings in Hang, capital of eastern province of Zhejiang. “We will launch the second phase
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