It’s been a rollercoaster year for real estate with the market going into a frenzy of higher and higher prices driven by cashed-up foreign buyers, high immigration, strong local demand, a lack of housing, and low interest rates (which are set to go even lower).
Then the market spluttered, lurched and wheezed as a bundle of measures at home and in China caused the market to stall.
The Chinese Government turned the screws on its banking sector, putting it on notice that its hitherto laissez faire attitude to clients moving illegal amounts of cash out of the country needed to end — or else. On top of that the Chinese stock market suffered a mini meltdown that ate into people’s life savings.
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