Last Sunday we reported about the soaring house and apartment prices in Hong Kong. Now the price hike is so hot that the local governments in China have started to act clipping the rise of the prices and more actively regulating the property developers.
The Beijing government now will require from the property developers to publish the exact sales numbers as soon as they put the property on the market. This is Beijing's first attempt this year to curb the soaring real estate prices in the city.
The government announced an 11 item package that includes financial incentives and requirements to manage prices and make houses and apartments more affordable in Beijing. The attempt also aims at fighting price manipulation by real estate agents and developers. Also the measures will prevent the short term investors from manipulating the cost of buying a house and thus causing fluctuations in the market.
Beijing government also said the will provide "sufficient land" to develope affordable apartments and houses for the working class.
Last weekend, only within two days one Hong Kong developer sold 900 apartments worth of 500 million U.S. dollars in a display of how the housing market is in the country. Whether this boom in real estate in Asia will be a strong enough wave to reach the United States remains to be seen.
Written by Armen Hareyan
Source: China Daily
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