Rumours fuel Chinese property price rises

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A major newspaper in China reported that property sales rocketed by an amazing 38% over a single weekend compared to the previous week.

The South China Morning Post reported that sales had dramatically increased in anticipation that new Chief Executive Leung Chun-ying would not introduce any further ‘cooling’ measures in a forthcoming property policy speech he was due to make.

In one instance a prestigious new development of apartments in Tseung Kwan O saw prices increase from a launch value set at HK$13,500 per square foot.

With the growing importance of China on the world stage when it comes to financial and economic activity across the board, any potential changes in procedures which are aimed at making property transactions easier can carry a great deal of importance.

The continuing domination of the Chinese industrial production and manufacturing sectors for specialised markets such as electronics and technology has seen a corresponding interest from foreign investors in an ever growing property and construction industry.

However, up to now the reins of control have been tightly held by the central government, which has led to a frustrating situation for many potential overseas buyers whose interest has been stymied by the policies aimed at avoiding sudden price rises.

Recently though the effects of two interest rate cuts, relaxed lending restrictions and easier access to local government housing funds are beginning to be felt and there were reports of increased prices in 35 of the country's 70 main cities during last October.

With more foreign funds entering the country all the time it is expected that the residential property market will soon match the commercial sector in terms of overseas investment.

Any large transfers of funds internationally should be made through a currency transfer specialist who can access rates far better than those offered by the major high street banks.

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Rumours fuel Chinese property price rises

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