House Prices Add to Chinese Fears – Richard McGregor and Jamil Anderlini

From Financial Times:

Chinese housing prices rose in May by 6.4 per cent, the fastest year-on-year monthly increase in 18 months, in the latest sign that the economy is outpacing both the government’s and the market’s expectations.

The World Bank and Morgan Stanley in recent days have revised upwards their growth forecasts for 2007 to above 10 per cent, bringing them into line with a fresh consensus for higher output this year.

Most predictions at the start of 2007 tipped growth of under 10 per cent, but such estimates seem conservative after a first quarter of 11.1 per cent and signals across the economic spectrum of accelerating growth. [Full Text]

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