China’s Property Prices Soar

Posted in Wealth
24/07/2013 Level One

Despite China’s economy cooling and Premier Li Keqiang’s plight to rein in speculative investment China’s house prices have increased in all but 1 of the cities tracked by the government over the past year.

The biggest increase being 16% was seen in the southern business city. Beijing prices climbed 13% and Shanghai saw an increase of 12% for the year. All the gains have occurred since the Government changed its data methodology in January 2011.

The changes previously implemented by the Government delivered many measures targeting supply, causing prices to inflate. In March, a three-year campaign was ramped up to cool home prices, with only Beijing issuing the toughest measures which included raising the minimum down payment on second homes from 60% and enforcing a 20% capital gains tax on existing homes.


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