Monday, Dec 22, 2008
“The more houses built the more walls that needed our paintings.crash of Western property market
nytimes: China to the Rescue? Not! devastated by the bursting of the U.S. housing bubble
“American property owners and hotels were usually the biggest consumers of Dafen’s works,” Zhou Xiaohong, deputy head of the Art Industry Association of Dafen, told Hong Kong’s Sunday Morning Post. “The more houses built in the United States, the more walls that needed our paintings. Now our business has frozen following the crash of the Western property market.”
In China, for instance, to buy a home you have to put at least 20 percent down, and the average is 40 percent. If you try to walk away from the mortgage, the bank will come after your personal assets. Moreover, China can’t just shift production from the U.S. market to its own consumers.
Posted by chris @ 03:52 AM (154 views) Add Comment
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