Real Estate Bubble in Beijing

By Daniel at 4 July, 2009, 4:24 am

LOS ANGELES (MarketWatch) — Beijing’s property prices are climbing at an unsustainable rate, with residential property in the city center leaping 6.5% in the past week alone, according to a report Friday in the state-run China Daily newspaper.

The report, which cited data from property broker Homelink, said some neighborhoods have seen demand for apartments at four times the number of units available.

“We used to talk about monthly price growth, but recently, it’s more about daily change,” the report quoted a Homelink broker as saying.

http://www.marketwatch.com/story/beijing-central-property-prices-up-65-in-a-week#comment2431868