End in sight for China’s building boom

An “inevitable” property tax will have severe consequences for the industry, but should benefit the broader economy.

End in sight for China’s building boom
A Chinese ghost town featured on CBS's 60 Minutes

China’s property industry faces a bleak future. It is now seen as inevitable that the government will rein in the country’s building boom with a nationwide property tax, which would divert savings away from the real estate market and bring an end to the mania.

That would hurt developers most, but also companies engaged in building materials, resources, construction machinery, high-end consumption and financials all of which have attracted plenty of foreign capital during the...

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