Capital Intensive China

Real estate shows signs of cooling

  • Published 25 Mar 2010

Several signs are combining to suggest that China's property market may be cooling and be set to cool further in coming weeks - a prospect that could ultimately hit international base metal prices.

Soaring real estate prices were a hot topic at the annual 'two meetings' of the Chinese People's Political Consultative Conference and the National People's Congress earlier this month. The release of February real estate price data from the National Bureau of Statistics (NBS) on March 10 further fuelled the debate, showing that new home prices in 70 large and medium cities rose 13% year on year. Just last week on March 17, the Beijing News reported that the city's revenues from the sale of residential land this year had already surpassed half of the value of residential land sales for all of 2009, mostly due to the record-breaking sale of four plots on March 15 that were snapped up by state owned enterprises (SOEs).

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