Wieder etwas Lesestoff zur befürchteten China-Blase:
- Blick Log: Immobilienblase in China?
- Markus Gärtner: Chinas Immobilienmarkt in Gefahrenzone
Darin wird auch diese Passage aus “The Chinese bubble economy” von Andy Xie zitiert:
“The biggest risk to China’s economy is the desire to maintain past economic growth rates by maximizing investments in property — an unproductive asset. It supports short-term growth by sacrificing long-term growth as capital’s average productivity declines over time.
Local government performance in China is measured according to GDP and fiscal revenue. Property development can achieve high numbers for both quickly. This is why property’s share in China’s capital allocation is rapidly rising as prices appreciate and volumes increase. This is a politically driven bubble — and it’s already massive. Unless the trend is reversed by reforming incentives for local governments, China’s property bubble could mushroom in two years from what’s now a dangerous level. The burst could happen in 2012, endangering social and political stability.â€
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