China's developers cash in; government clamps down

Soaring property prices are leading to a boom for Chinese developers. But the Beijing government is looking on with alarm and is tightening the rules.

The following joke has circulated widely among Chinese internet users A man tells his girlfriend that when property prices fall, he will buy a flat and marry her. She is instantly reduced to tears, realising how little he is committed to her.

It is not hard to see why she would be so upset. China’s property market has surged this year. In early December, just weeks before it was due to close its books for the year, Guangzhou-based China Evergrande revised its annual sales target up by 50%.

But the rise in Chinese property prices has worried the government, and regulators have tried to calm things down....

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