Property prices in China’s top cities soared as much as 57 per cent in the year to February, widening the gap with the country’s ailing smaller locations.
Shenzhen, the tech-heavy city across the border from Hong Kong, typifies the rise — some say bubble — under way even as China’s economic growth slows and the country braces for a wave of lay-offs from heavy industry.
Prices of new residential buildings in Shenzhen rose 57 per cent from a year earlier, up from January’s increase of 52 per cent, data from the National Bureau of Statistics showed on Friday. Meanwhile, the northern city of Dandong in rust-belt Liaoning province saw prices drop 3.9 per cent.
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