US news outfit The Atlantic published an article on July 1 that listed ten most expensive cities in the world for house prices. Seven Chinese cities appeared in this list – Beijing, Shanghai, Shenzhen, Hong Kong, Tianjin, Guangzhou and Chongqing. The other three were Tokyo, Sydney and London.
Also, house prices in China saw a 7.4% increase in June 2013, which is the highest jump since December 2012.
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Keywords: house prices in China most expensive cities in the world world’s ten most expensive cities
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Dont worry the housing bubble in China is about to bust. They say it wont happen here in China because China has some many stupid people who will not wait for the prices to fall. They would rather go into debt for 40 yrs, spend a third to two-thirds of thier income on junk but guess what, it is going to bust. The chinese people do not pay much attention to history. The Chinese people who are foolish enough to buy these overinflated houses are being set up by the banks. Just like the Americans and Europeans were. In America the housing prices doubled every 10 years for fifty years. The banks were glad to make high risks loans to people just to get their quota. Than one day, after prices had been increasing, inflation, outsourcing, hidden taxes, and companies began downsizing, suddelnly Americans coudlnt afford those nice overvalued house payments no more. Guess what, the Chinese goverments capital gains tax isnt working, but China will experience a housing bubble bust soon. All those fools here who paid all that money for those worthless houses are going to feel really stupid when this happens because they didnt listen or pay attention to the 2008 Housing bubble collaspe. Fasten your seatbelts because this roller coaster is gaining full steam and about to go down.
Jul 10, 2013 19:50 Report Abuse
If NYC, is not on the list, then this list is f*cked up.
Jul 09, 2013 02:06 Report Abuse
Obviously the article is flawed by using a baseline that is far above the living standards of most Chinese, as well as the majority of foreigners living here, and probably includes things like insulation, heating, sound proofing and an expectation of privacy. In fact China is quite cheap for housing - the $600/mo I pay for a comfortable apartment in Shanghai is less than one third of the price I would have to pay for a comparable space back home in San Francisco. Low rental prices are one of the best things about living here, and allows me to save money every month despite having a very low salary by Western standards. On the other hand in SF one is never more than a few steps away from decent coffee, etc. so there are trade offs.
Jul 07, 2013 18:14 Report Abuse
House prices, not rental prices. China's realistate by square meter is insanely expensive. You can buy a nice house in a nice neighborhood in Brooklyn or DC or a number of other metropolitan regions for the same price as an empty 100m2 box in a run down building without the most basic of services in most 2nd teir citieis.
Jul 10, 2013 10:07 Report Abuse
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