Unruly throngs outside of luxury housing.
Flying elbows and chaos.
Pent-up deman, rising incomes and scarce affordable housing have driven up prices.
It sounds like Silicon Valley to me. But, it's not. It's China. And NOT just the big cities.
The government is trying to cool down the real estate market in China by imposing axes on resales within 5 years. But the prices still make it worth it to buy.
One realtor said, "Real estate prices are unreasonably high." Yep, that's Silicon Valley alright. The only thing worse than asking too much for a piece of junk, is people willing to pay the price and then some.
China's richest tycoons include numerous real estate developers. What's new there?
Some places in China sell apartments/condos BEFORE the thing is even built. My brother-in-law's wife was recently approached by the company where she works and asked to buy an apartment where the ground has not even been broken yet and may still be two or more years away before they can move in.
And then when the thing is complete it means only a shell. The tenants have to furnish the thing up to putting in the plumbing fixtures, windows...the whole nine yards.
At least in Silicon Valley you can see a 'model' home before you buy. But, not in China.
What do you think about that?
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