Growing calls for Beijing to step in, as mainland house prices continue skyrocketing
Analysts say control measures having little effect. Wanda’s Wang Jianlin warns of ‘biggest bubble in history’. Bank of China report says soaring prices will ‘exacerbate the wealth gap and economic woes’
Beijing is coming under increased pressure to step in and cool down the Chinese housing market, as a growing number of smaller Chinese cities across the country struggle to contain skyrocketing prices.
Industry analysts are now starting to doubt whether local moves are having any significant effect, on what has now been described by China’s richest man, as already the “biggest ever” property bubble.
The Bank of China has also weighed into the debate, with one of its senior economists saying a property bubble is “the biggest risk for China’s economy”.
As yet the central government has held back from launching any nationwide control measures, leaving individual city authorities to introduce their own measures.
Three more mainland cities introduced buying restrictions on Wednesday in an attempt to curb the frenzied buying.
