Xinyuan Real Estate (XIN)

[interloper]

Chinas Residential real estate on 60 minutes
Anybody catch 60 minutes last night? 1 of their segments featured China's residential real estate bubble. Huge residential developments built and no one is living in them. Mostly huge apartment towers. Ghost communities, ghost towns. Built to accommodate the influx of rual village people moving to the cities. One problem, they can't afford them. New house cost average is 45 times the annual salary. The The villagers make about 20 bucks a day they're poor. Was going to buy the houses and apartments. New law came into effect this year. 1 house per family in 1 city. But some are looping around this by buying a home in another city. The fact remains that the law has stalled some residential developments. The law may have been specific only to Beijing. Must see Episode.