Montalbano...My reply is quite simple...the property development is under the control of local governments in China and "they collect most of their funds for schools,hospitals etc through land taxes associated with freeing up land and the yearly taxes on property associated with land development. Local Governments are very powerful....and the Central Government dare not oppose them..they do not have the Funds ...Thus to step in and control housing developments is not within the central government mandate. As to the number of excess houses ...there is one gigantic cover up going on...no one has a clue ...As to how long and how deep the property crisis in China will exist...nobody has a clue .Enough said to say that from all reports that the borrowing done by Chinese households for the property situation is now putting a stress on debt repayments. All the best to all
WHC Price at posting:
$7.64 Sentiment: Buy Disclosure: Held
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