China Shuts Down the Bubble

Business Insider is reporting that China is indefinitely cockblocking the bubble from here on out, or at least until they decide what to do about it. China out of control? Nah.

BEIJING - The Ministry of Land and Resources has ordered a temporary ban on the sale of land for housing in a renewed measure to ease soaring real estate prices.

Yun Xiaosu, vice-minister of land and resources, said local authorities should not sell land for residential purposes until this year's housing land supply plan is released in early April.

"Residential land supply will increase and low-income housing projects will top local governments' agendas," Yun said during a video-conference on Monday.

In Desperate Move To Cool The Bubble, China Just Halted The Sale Of All Land! (Business Insider)

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Anonymous said...

"In his government work report early this month, Premier Wen Jiabao said China will build 3 million housing units for low-income families and renovate 2.8 million shanty units with a total of 63.2 billion yuan ($9.25 billion) allocated this year, a year-on-year increase of about 15 percent."

"The low-income houses and shanty units must be included in this year's land supply, while large-sized housing projects must be controlled in big cities," Yun said."

It’s about time they started using some of their profits from manufacturing to develop their own goddamned country instead of flooding foreign capital markets by way of buying super over priced securities. When or if these pricks are forced to clean up the pollution they’ve created for themselves over the past three decades, they’d stay busy minding their own knitting for quite a while to come.

"Since March, a five-month campaign across the country is under way to crack down on illegal land use and land hoarding."

Human folly performed by human beings (only instead of round eyes they have slanted eyes). Go fuck yourself Mao.

"The government is trying to ignore the key point for its own profits," he added.

Land transfer fees are a major part of the local governments' annual revenues."

And there is one hint as to a primary reason why our own beloved Uncle Sam didn’t throw a big wet blanket upon our own housing bubble.


Anonymous said...

"I think prices will keep growing. The government can act if it really wants to. But does it have the guts?" said Wang Jun, an engineer attending the fair.

"Doing that will hurt a lot of interests, including local governments that need land revenue."

welcome to capitalism my Chi-Com friends