Monday, Jan 11, 2010
Somebody should mention LVT to China
BBC News: China orders low-cost housing against property bubble
China's city governments and ministries have been told to build more low cost housing. They have also been ordered to push property developers to complete projects more quickly in order to help ease property prices. The directive has come from the country's cabinet, the State Council, amid fears of a property bubble.
Posted by quiet guy @ 08:17 PM (843 views) Add Comment
7 Comments
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1. rumble said...
"complete projects more quickly in order to help ease property prices"
-there's a shortage? There was recently news about an entire city sitting empty.
"worried about foreign investors pushing prices higher....amid fears of a bubble"
-there are foreign investors who aren't concerned about the bubble? That's brave.
What's slowing developers?
2. mark wadsworth said...
As it happens, Dave Wetzel was out in China (re transport related stuff) and tried to steer the topic round to LVT, but they were having none of it. That is not government policy (they are just as corrupt as over here, politicians, developers etc) and that was the end of that.
3. fallingbuzzard said...
their priority should be to ensure that all chinese people are able to afford to eat enough calories to lead a normal life rather than try to slow down a bubble that will pop of its own accord
4. drewster said...
China has finally caught up with the West, but in a bad way. Their power structures are tainted with the lure of monopoly money. We already know from experience in the West that property bubbles favour the politically and economically well-connected (the middle and upper classes). Chinese politicians, businessmen, and amateur 'investors' have discovered this wellspring of wealth, and they don't want to give it up.
For a deeper understanding of just how entrenched China's land-bubble really is, take a look at this article:
Bloomberg: China Property Bubble May Lead to U.S.-Style Real Estate Slump
5. dbc reed said...
In the Far East land value tax is much more of a presence than over here where it is the policy that dare not speak its name.Taiwan was founded on LVT and owes much of its prosperity to it; still has LVT.Hong Kong& Singapore went a great deal farther and took land into state ownership,so the tax systems are founded on ground rent ( so not much of the we are a crowded island excuse for high land values there).japan has had land value taxes from 19th century onwards on and off; the American occupying forces reintroduced it.It is difficult to keep track of LVT in Japan.China has some land taxes (urban land use tax and land appreciation tax) but is dithering over following its ideological enemy Taiwan into LVT use.
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