China’s real estate frenzy continued unabated last year, with buyers snapping up more than $1.1trn of new homes, roughly the same amount as was spent on all home sales in the US in 2012.
China – which embraced home ownership less than two decades ago – ramped up sales as the new premier Li Keqiang eased off on the previous administration’s attempt to artificially cap house prices.
Although individual cities continue to enact measures to prevent speculative real estate purchases – by raising the minimum down payment for second homes, for instance – Mr Li has preferred a light touch on housing prices.
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