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While the US is still recovering from its economic crisis, China's economic growth looks set to continue into the new year. But one sector fueling the growth could pose a big threat to its economy, and that’s the red hot real estate industry. BON'S Sylvia Gunawan takes a look at the booming sector and talks to one expert who fears the good times might NOT be here to stay.
As housing prices soar in China’s metropolitan cities, buying an apartment is becoming a luxury many can’t afford. According to new research, average home prices in Beijing jumped 66 percent last year, while Shanghai reported a massive 68 percent jump.
As China's economy booms and industry becomes higher tech, the need for expertise – much of it sourced from overseas – has also increased. This growing pool of foreign talent is helping development in a large number of fields. And last year, the number of experts from abroad reached almost 500,000.
The attempts to rein in China's red hot property market continue. Lawmakers in Shanghai, Beijing and Chongqing say they want to introduce a property tax on the value of some larger properties in an attempt to cool the market there - and bolster government coffers.
It's the latest in a series of measures to try to slow soaring property costs, including higher down payments, higher interest rates and a ban on lending for third-home purchases.
But prices have continued to jump. Official data showed real estate prices in 70 cities jumped 12.8 percent in April, the fastest year-on-year rise for a single month in five years.
So is a property tax the way to go? Will it finally slow the runaway real estate market or just put an added burden on new home-owners. That's a question we put to people in today’s Straight from the Street.
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A red hot property market has been cooling down as of late here in China. New regulations designed to bring housing prices back to affordable levels have instead thrown the market into deep freeze. That's left some people who bought their property at the height of the market hoping to make a quick buck stuck high and dry. With no way to unload their bad investment, more of them have been seeking help from mental health professionals than ever before.