China Home Sales Surge 23%
in First Two Months,
The value of new homes sold rose 23 percent to 912 billion yuan ($132 billion) in January and February compared to the first two months of 2016, according to National Bureau of Statistics data released Tuesday. Sales rose 17 percent in December, the last time the data was released.
The surge comes after top policy makers used this month’s National People’s Congress to reiterate a pledge to curb property speculation, and some local governments expanded home-buying restrictions.
New banking regulator Guo Shuqing has said he will pay close attention to real estate bubbles, after 45 percent of new loans in China last year went to the property sector, with most going to personal mortgages.
No way this ends well or remains contained.