More than 22 billion yuan (HK$20.68 billion) in “hot money” from overseas entered Shanghai’s property market last year, Xinhua News Agency said, citing a People’s Bank of China report.
It said steadily rising property prices and expectations of a yuan appreciation have attracted overseas speculative funds into Shanghai’s property market.
About 15 billion yuan in overseas funds was invested in property development projects and another seven billion yuan was used to buy apartments and houses, according to the report.
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