Arab Today, arab today china property tycoon blames government for prices
Last Updated : GMT 05:23:16
Arab Today, arab today
Arab Today, arab today

China property tycoon blames government for prices

Arab Today, arab today

Arab Today, arab today China property tycoon blames government for prices

Beijing - AFP

A Chinese property tycoon blamed a government \"land famine\" for high property prices -- which the authorities have long sought to rein in -- after he paid 1 billion yuan ($160 million) for a plot in Beijing. Ren Zhiqiang, a prominent real estate tycoon, paid the mammoth price for development land in a suburb of the capital before turning to Weibo, China\'s version of Twitter, where he has 13 million followers. \"For fear of sky-high prices, (the government) has stopped holding many land auctions and reduced the supply of land, creating a land famine that has led to sky-high prices,\" he said. \"Does the government think it can control property price increases by reducing the land supply? \"This is neither good for companies nor for society,\" he added. \"But to survive in a land monopoly and shortage means doing whatever you can.\" Ren\'s purchase was a soaring 490 percent above the auction starting price, the highest such premium since 2010, the Beijing News said, marking an extreme case of the spiralling prices that China has struggled for years to control. Authorities are concerned that escalating prices could shut more ordinary homebuyers out of the market, fuelling discontent and possible social unrest. Measures announced in early 2010 have ranged from restrictions on second and third home purchases, higher down payments and taxes in some cities on multiple and non-locally-owned homes. The restrictions have frustrated players such as Ren and cooled the once red-hot market, with analysts estimating that prices nationwide have risen only four to seven percent since then. But pent-up demand, easing government monetary policy and inflows of speculative funds from abroad anticipating a recovery have brought the property market out of the doldrums. Some Weibo users shared Ren\'s frustration, with one lamenting that high prices were \"good for the government, of no choice for the developer and bad for homebuyers\". But others showed blamed the businessman instead, with one pointing out: \"How could you buy at such a high price? Doesn\'t that make you an accomplice?\" \"Crocodile tears!\" wrote another.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china property tycoon blames government for prices Arab Today, arab today china property tycoon blames government for prices

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china property tycoon blames government for prices Arab Today, arab today china property tycoon blames government for prices

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 35 Egyptian police, troops die in clashes

GMT 04:36 2017 Saturday ,21 October

35 Egyptian police, troops die in clashes
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday