外文标题：As China’s corrupt sell off homes, property market tanks
BEIJING: China is witnessing the steepest decline in property prices since January 2011 with housing prices sliding in 64 out of 70 cities, official auditors have said.
Market sentiment, weakened by high mortgage rates, has been shaken by panic sales by officials worried about anti-corruption investigations, sources have said.
A direct impact of anti-graft investigations is the declining prices of luxury homes in major cities and tourist destinations in China. Several mid-range homes are owned by corrupt officials, who are now disposing them off, market sources have said.
Sale of newly-built houses has suffered because of high bank rates, and strict supervision by anti-corruption officials, who have made illegal purchases difficult. The second quarter of 2014 saw sales of new houses and launch of new housing schemes cool to the slowest pace since the same period in 2009.
The past four months have been most devastating. Home prices had dropped in just four cities in March, and eight in April. By July end, a record 64 of the 70 important Chinese cities have seen sharp decline in the value of property. China’s National Bureau of Statistics reported a 7.6% year-on-year decline in property sales over the past seven months. The drop was 1.6% points steeper than the decline seen in the first half of the year, NBS said.
This cannot happen in India where there is huge space shortage for the ever increasing population.
Nakheel Kazi (Des Mera Rangrezi Babu)
Lessons to be learned by this incident…… I am sure Indian officials might be making a note on the developments in China.
They well start to buy the NCR next as we have no motivation to check fraudulent FDI !!!
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ranjit mathew ()
We should also crack on such corrupt people the way china is doing….
Ranjan Kumar (Unknown)
When will this happen in my country? When the corrupts will start disposing off ill-gotten wealth?
Try this in India, Ministers would not be owning much, but their spouse, wife, daughters, daughter in laws, cook, gardeners, etc would come out to be millionaires.
skariah varghese (chennai)
whatever happened to justice in China… the world was real fearful of China where even smuggling cigarettes was punished with death.
dean2000boy (Location) replies to skariah varghese
not smuggling cigarettes but drugs
Encash before it gets too late
kapil B (Unknown)
I almost get a feeling this is an intended deflation of pricing to avoid a bubble bursting.
Can our Govt. take a cue from this to track such people and confiscate their properties.?
They are selling property in China and purchasing in USA and Australia.
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OMG, can this happen in India. Forget any other step, just start a check on houses and land deals. Not only can we increase tax collections, corrupt officials and politicians will be in the dock
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Jagannath Tripathy (Jaipur)
In India property prices will never crash. It will maintain it’s level. Thanks to builder’s in India where they will hold on to the stock, even if they unsold for ages.
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Dinesh Kumar J (goa) replies to Jagannath Tripathy
Property,especially in coastal areas and polluted towns loses its value if it is not sold soon,prices are crashing all over India and in Delhi and Mumbai have reached the decade’s lowest and yet there are lakhs of unsold flats.This is the result of untrammeled greed by builders and agents.
Ajit (Mumbai) replies to Jagannath Tripathy
In India property prices can crash once all corrupt politicians are sent behind bars. It is their money being invested in the Real Estate markets which ultimately helps the builders to hold their stocks even if the same remains unsold.