I lived in Shanghai for five years. People have been talking about a housing bubble for years. Housing prices were rising so people rushed into the market pushing prices higher. People began to complain about the rising costs (I had to move at one point because my landlord would not extend my lease unless I agree to a 30% increase in my rent). The government changed the law so non-Chinese couldn't buy property unless they had lived in the country for at least year, but prices still kept rising.
My boyfriend is still there and he told me that prices have began to come down a bit. The combination of a soft economy and too many empty apartments is starting to turn things around. I'm not sure that means the bubble is about to burst, though.
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My boyfriend is still there and he told me that prices have began to come down a bit. The combination of a soft economy and too many empty apartments is starting to turn things around. I'm not sure that means the bubble is about to burst, though.