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Chinese Luxury Homes Are Booming

Posted by: Zvi Leve
Thanks to: Zvi Leve
31 January 2004 - 9:00am

Cheap designs have lent a surreal touch to China's urban landscape.

China's booming real-estate market for luxury villas and apartments is driven by an abundance of cheap land, cheap labour and easy credit. But many of the new residential complexes suffer from shoddy workmanship and a lack of nearby amenities, making them difficult to sell. As authorities try to impose order in the market, some developments are being "simply abandoned."

Full Story: Castles in the sky
Source: The Economist, January 22, 2004
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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