郑朝锐外文翻译.docVIP

China Real Estate: A Boom or a Bubble? While 2009 saw a global meltdown in property markets worldwide, the real estate sector in the Asian dragon painted an entirely different picture. Flush with liquidity from the government’s massive $586 billion stimulus and enthused by favorable policy measures, real estate had almost literally become ‘hot property’ in China. Property prices raced upwards at a furious pace even as real estate developers and home buyers jumped on the booming sector’s bandwagon. Rising investment boosts real estate prices The latter half of 2008 and early 2009 saw a temporary dampening in property prices with the onset of the economic slowdown. But as the economic stimulus seeped into the economy, Chinese banks, under government direction, loosened their purse strings, creating ample liquidity, with a significant portion finding its way into the real estate sector. Prices have climbed unabated since April 2009, crossing the double digit growth rate mark in February this year. Residential and commercial real estate prices soared 10.7% in February, the fastest pace observed in almost two years. This comes as no surprise, as this sector has been attracting investment at a frenetic pace since last year. While investment in the real estate sector has more than doubled to a high of $156.2 billion in 2009, the first two months of this year too saw investment worth 314.4 billion Yuan ($46 billion) pouring in, clocking a handsome 31% growth rate over the previous year. In fact, Shanghai has been rated as the top invest able Asia Pacific city for 2010 in terms of real estate investment prospects according to a study by Price Waterhouse Coopers and the Urban Land Institute. Capital city Beijing snatched the third position in the Asia-Pacific region, while Guangzhou, Southern China’s key trading port as well as transportation hub, ranked 12th according to attractiveness for real estate investment. Urbanization and economic reforms drive the real estate sector