Bill Belew has raised 2 bi-cultural kids, now 34 and 30. And he and his wife are now parenting a 3rd, Mia, who is 8.
When I read that the housing prices went up 7%, I thought, ‘is that all?’
But, it was 7% in 70 cities in one month!
Beijing and Shenzhen are leading the way.
Shenzhen saw prices soar 15.9% – new apartments were up 13.9% and old apartments were up 16.1%.
My wife and I own a second-hand apartment in Shenzhen in one of the best districts.
So far this year, the average price for new properties in Shenzhen have gone up 40% in the first half of
Beijing properties went up 9.5 last month alone.
Nanjing, where we own another apartment saw prices go up 11.3% last month.
China has raised the one-year lending rate, and raised deposit rates and investments in real estate rose 6.2% (less than 19.8 last year) but the moves overall are still ineffective.
That’s good for me…but NOT for the new home buyers in China.
What is the best way to cool off rising land prices?
You maythink this is good for you, but it isn’t. If prices go up astronomically, nobody can afford to buy a house. Therefore, you own something that nobody can buy, guess what happens next? That’s right, people who need to sell start dropping their prices to ‘meet the market’ Usually, this kind of thing tends to swing too widely on both ends of the spectrum, so now housing prices will plummet and your house will be worth less than perhaps what you paid for it if you need to sell at that time.