China Real Estate
Posted By thestatedtruth.com on September 21, 2010
From Art Cashin on the floor of the New York Stock Exchange……….
China– Getting solid data out of China is never an easy task. The problem raises constant questioning of the validity of any data. That having been said, there are stunning numbers circulating on the real estate situation in China.
There are said to be over 35 million vacant residential units in China. They are not vacant due to foreclosures. They are vacant because the owners never moved in. They are, it is said, protection against inflation.
This is possible, we are told, because there is no meaningful real estate tax in China. So, instead of buying gold and such, folks buy a house or a condo.
Realizing this, the government is said to be considering the imposition of national real estate tax, maybe as early as next month. We’ll watch this with interest.
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