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China: Reasons China's real estate market has turned around.
Section: General News - Since March, housing prices in 70 major Chinese cities have stopped declining and begun to rise. But why has China seen such a strong rebound in its real estate market?, the Bangkok Post reports.
Estate sales are also rising. In the first half of this year, estate sales by area in China rose 31.7% year-on-year and more than doubled in Xiamen, Fuzhou, Ningbo, Shenzhen, Hangzhou, Wuhan, Tianjin and Suzhou.
Demand for housing aside, two of the real reasons for the current boom are speculation and "land financing" provided by local authorities.
The central government was once determined to control housing prices to promote social harmony. In early 2008, due to …
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