China Stops The Housing Bubble In It's Tracks
It didn't take long to turn prices around in Shanghai, China. "In just one day, the average housing price in Shanghai dropped 368 yuan (US$44) to 7,785 yuan per square meter due to a new real estate policy."
They still have a ways to go. "The price of (one square foot) of luxury apartment in downtown Shanghai is..the equivalent of an average middle class families yearly income. Housing prices in many places of Shanghai doubled last year."
1 Comments:
I guess there was nothing that Greenspan could have done to prevent our bubble though... maybe we should learn a few lessons from the Chinese.
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