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Re: mick post# 179

Tuesday, 03/23/2010 1:30:28 AM

Tuesday, March 23, 2010 1:30:28 AM

Post# of 265
MICK!, saw that a prime piece of property recieved no bid in Bejing on the news tonight...

Appears that China has started a major move to curb any excess speculation in land for speculative building purposes...

Have to check the 1:00 AM CDT update of biznews on China on CCTV to try and hear some more info on the subject...

About 2 weeks ago, if you remember, I cautioned on the recent requirement of down payments on some property lending being raised to 40%...

Better late than never,,,here is a link to an article on the subject this morning...

http://www.marketwatch.com/story/frayed-string-for-chinas-property-balloon-2010-03-23?siteid=YAHOO

IMO, this situation is correctable with some price easing for average folks...It probably isn't a bubble of too much building versus demand for property...Residential property prices have gone above what many average folks feel comfortable in taking on loans to buy...Some average folks in China that were interviewed said that prices have now gone above their budgets...

Usualy some big wheels that can get the wagon stuck in the mud till it dries a bit...LJ

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