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Chinese Big Bang!

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And now for a Chinese real estate crash?

Posted by Izabella Kaminska on Sep 23 17:50.

Back in 2007 a UK television documentary fronted by quick-witted comic Paul Merton, made the rather astute observation — for the time — that Chinese residential real-estate investors tended to keep their properties unoccupied. In other words, they never rented them — on purpose.

According to Merton that was because the Chinese liked to keep property investments shiny and new “for showâ€. He added there were also costs in kitting them out for tenants because the practice in China was to sell properties as empty shells — no amenities included. :blink:

He drew attention to a somewhat kooky Chinese development called ‘Thames Town’, a new-build settlement about 30 km from central Shanghai modelled on the novelty concept (ahem) of a traditional English market town. This, he reported, laid mostly empty. It was a backdrop for Chinese wedding pictures more than anything resembling an inhabited community. And apparently not much has changed on the empty front since then, as per this blog

In Shanghai, sales in the second week of September fell 10 percent week-on-week, while supply rose 84 percent, according to property consultants Centaline China. In Guangzhou, sales dropped 30 percent in the second week of September, while supply grew by 73 percent, Centaline said.

Linky http://ftalphaville.ft.com/blog/2009/09/23...l-estate-crash/

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We have towns like that in parts of England that Londoners call "rural". Except that here we have such a disgraced building industry it's the old houses that are in demand.

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