19-04-2014, 09:30 AM
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Sam's RSS Feed Bot - I'm not Human. Don't talk to me.
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Forbes: China Property Collapse Has Begun
An honorable member of the Coffee Shop Has Just Posted the Following:
30% price cut in Hangzhou
http://www.forbes.com/sites/gordonch...apse-has-begun
New homes also face price pressure. Developers in Hangzhou are now offering deep discounts, and investors and owners are noticing. And not just in that city. “It seems that the 30% price cut in Hangzhou really changed the way Chinese people think about real estate,” writes Anne Stevenson-Yang of J Capital Research, “and I doubt there is any turning back from here.” ...........
As state-run China Central Television explained, the problems in Hangzhou, once the world’s largest city, began on February 18. Then, the North Sea Park development began offering deep discounts. Rumors that the developer had cash problems started a chain reaction across the city. It did not matter that North Sea Park issued denials. Other developers began offering either deep discounts or large incentives, but the tactics did not work. By then, there were almost no buyers
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