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China officials fear anti-graft drive, dump properties
BEIJING: As China stepped up anti-corruption drive, a number of government officials who owned several properties have started disposing them off, creating a glut in the market, media reports here said on Monday.
Real estate agents in provinces such as Guangdong and Jiangsu have been frantically trying to push deals of second-hand flats, many of which belong to government officials, South China Morning Post said. Nervous Chinese officials - some of whom own multiple properties - are swiftly dumping assets through private channels .
Property agents have reported receiving mass produced text messages such as "Eight sets of hard-to-find flats, owner selling all at once". The massive sale has sparked concerns that oversupply could lead to a decline in home prices in the secondary market. However, Chinese real estate mogul Huang Nubo, of the Zhongkun Investment Group, pointed out that the government's anti-corruption policies could actually be more effective in stabilizing the property bubble.
Outgoing President Hu Jintao last month warned that the Communist Party's hold on the government as well as China itself in danger of collapsing under the weight of corruption.
China officials fear anti-graft drive, dump properties - The Times of India
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A very good action taken my the Govt of China.
It is commendable that when the Chinese Govt wants to act, it acts and there is no lack in the will to implement.
BEIJING: As China stepped up anti-corruption drive, a number of government officials who owned several properties have started disposing them off, creating a glut in the market, media reports here said on Monday.
Real estate agents in provinces such as Guangdong and Jiangsu have been frantically trying to push deals of second-hand flats, many of which belong to government officials, South China Morning Post said. Nervous Chinese officials - some of whom own multiple properties - are swiftly dumping assets through private channels .
Property agents have reported receiving mass produced text messages such as "Eight sets of hard-to-find flats, owner selling all at once". The massive sale has sparked concerns that oversupply could lead to a decline in home prices in the secondary market. However, Chinese real estate mogul Huang Nubo, of the Zhongkun Investment Group, pointed out that the government's anti-corruption policies could actually be more effective in stabilizing the property bubble.
Outgoing President Hu Jintao last month warned that the Communist Party's hold on the government as well as China itself in danger of collapsing under the weight of corruption.
China officials fear anti-graft drive, dump properties - The Times of India
******************************************
A very good action taken my the Govt of China.
It is commendable that when the Chinese Govt wants to act, it acts and there is no lack in the will to implement.
