Is China's property market overvalued?

Beijing's recent clampdown on the property market is designed to curb speculation in certain cities only.

Beijing has rolled out a slew of measures in recent months to cool investment growth, in particular the property market. The anti-speculation measures are aimed at the foreign investors and luxury residential market. But foreigners, and their alleged property speculation, account for a very small share of total transaction activity in China. Why target them Beijing seems to have flushed out the austerity measures hastily. Is there a policy panic, which could end up in policy overkill, crashing the market...

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