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China tycoon warns property bubbles tend to get out of control

Posted on 22 March 2013

A series of remarks recently published by Wang Shi, chairman of China’s largest real estate developer Vanke, signal China’s property market is facing a turning point, 21st Century Business Herald reported. “There are obvious bubbles in the property market, and it is possible it will get out of control and crack,” Wang warned on his personal micro blog on March 11.
According to data released by the National Bureau of Statistics on March 18, new house prices in 70 cities in February increased by 90 per cent from January, and the rate of increases in Beijing, Shanghai and Guangzhou were on the top of the list, hitting record highs………………………………………..Full Article: Source


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