Like the U.S., China’s housing market is also deteriorating as their economy cools. Sales in Beijing are down 70% year-over-year:
China’s housing woes may reverberate as far away as the U.S. As China grapples with problems of its own, foreign investment is likely to diminish.
China has pledged “fast and heavy-handed investment” in housing and infrastructure through 2010 and a “relatively loose” monetary policy in a plan unveiled Nov. 9. The package offered funding for housing, infrastructure, railways, power grids, social welfare and rebuilding.
It will be interesting to see if their housing bailout fares better than ours.
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I have a friend in china who not long sold their house for 20% less than what he purchased it for. He had the property on the market for 7 months as well. So it seems that no matter where you are your not immune to this global economic slowdown
Greenspan and Bernake should be charged with economic “War Crimes”.