China Set on Forcing Drop in Property Prices

Andrew Batson of the Wall Street Journal reports on official plans to bring down property prices:

A series of official comments in recent days have shown that the Chinese government remains committed to forcing down housing prices, despite worries about a weak global economy and complaints from property developers.

The government’s determination to keep cracking down on its frothy real-estate market may be a political necessity but risks hurting growth at a time when much of the world economy is weak, and contrasts sharply with efforts in the U.S. and Japan to add fuel to the fading global recovery.

September 4, 2010 8:46 PM
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Categories: Economy, Society