CHINA / Regional
Who's snapping up Beijing's housing?
By Echo Shan (chinadaily.com.cn)
Updated: 2006-04-25 15:11
Supply and demand are uneven in the capital's real estate market. About
70 per cent of urbanites can't afford to buy a decent two bedroom
apartment. But surprisingly, high-end house sales are roaring.
Developers from out of town are dying to cash in on the housing
speculation boom. Their watchword goes, "People here are rich and dull;
come on over to make easy money!"
Two groups of Beijing outsiders - Chinese nationals from other provinces
and foreigners, currently account for 62% of total housing sales in the
city.
A lot of people are buying two or more apartments at a time. A wealthy
Shanxi man who runs a successful coal business has invested in two
apartments at once.
One is for his daughter who will attend university in Beijing and the
other, he plans to live in after retirement.
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20071123 Extracted from http://www.hellomandarin.net
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