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Chinese Consider Home Prices “High and Hard to Accept,” but Buying Frenzy Surges

by Wolf Richter, Wolf Street:

When will the Home Price Bubble blow up?

Home prices in China are “high and hard to accept,” said 53.7% of the respondents in a survey by the People’s Bank of China, published today in the People’s Daily, the official paper of the Communist Party. Only 42.9% found them “acceptable.” And only 23.1% predicted that they would rise next quarter, while 11.9% expected them to fall. But that isn’t stopping people from wanting to participate in this frenzy:

Nevertheless, the ratio of residents who were prepared to buy a house within the next three months increased 1.3% from the third quarter to reach 16.3%.

That’s a lot of people “prepared to buy a house,” even with prices “high and hard to accept.”

There are several remarkable things in this survey: the worried tone in terms of the soaring prices, the increased desire to buy because, or despite, of the soaring prices, and the fact that this survey came via the official party organ from the PBOC which has been publicly fretting about the housing bubble, the debt bubble that comes along with it, and what it might do when it deflates.

And what a bubble it is!

The average new home price in 70 Chinese cities soared 9.2% in August year-over-year, after having jumped 7.9% in July, the eleventh month in a row of year-over-year gains, according to the China Housing Index, reported by the National Bureau of Statistics. In Tier 1 cities, prices skyrocketed: in Beijing, by 23.5% and in Shanghai by 31.2%!

Prices increased in 64 of the 70 cities, up from 51 in July. They fell in only four cities and remained flat in two. This chart by tradingeconomics.com shows the year-over-year percentage change in new home prices, the boom and bust cycles, and the stage of the boom where prices are at the moment:

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1 comment to Chinese Consider Home Prices “High and Hard to Accept,” but Buying Frenzy Surges

  • materiallyours

    Whether the report is true or not, what is 101.23% true is that whenever Greed-Fear/Fear-Greed is still Malingering Within, the individual is “Seduce-able”/”Blackmail-able”/”Compromise-able” – amongst other abilities of This, That & The Other – which happen to incude those who would “Give Their Life” to prove their Selflessness. That is the joke because NO human would sacrifice his Life on Earth when being Alive on Earth is the ONLY means to Evolving. That of truly/absolutely helping Another by becoming An Example of Benevolence.

    One may befool The Vacuously Parroting but never to Reality/Self and those who are Real. This is because when The Energy Creator exists, EVERYTHING ELSE is but a sideshow for “the sideliners”.

    There is no known case of “Birth” not leading to “Death” and neither will Evolution be possible when the individual is not “Alive and Breathing on Earth”, Evolution being when Truth is expressed Bliss.

    Everything was created for our Enjoyment via Reality whereas Relativism is about Ownership-Issue. There is no known case of a Human being born with Speech-Language-Thought fully Ready-to-Go. For The Unwary of Thought, those who were born knowing their “Past Lives” are merely possessed by said “Past Lives”. But not when Spirituality is re-presented by Religion & Religiosity [R&R] as Materialism by posturing as Invincibles like “Preachers” and other re-presentatives in order to “Devolve The Devolve-able”.

    Humanised societies are controlled by mechanisms that will facilitate those who are desirous of becoming Selfless/Unconditional to realising their Desire for/of Purity. OTOH, whenever a Human is able to witness “Wickedness” but lacks the confidence in countering what he is seeing, he will be “seduced”/snared into said Wicked Melee via Action-Reaction.

    When The Replacement for “Evil” is lurking within every Thinker as Greed-Fear/Fear-Greed, how will Humanity’s Inhumanity be ever resolved via “Leadership”? How? By Amerika morphing into “China”? You must be a joker. Perhaps one has yet to realise who or what The Monied Few is.

    “Vampirism” teaches that “Dracula”/The-Devil will suck The Life Out of those who are trying to act like an Energy Creator when they are merely Energy Transformers. Hands up those who are unable to fathom this reality. That is perhaps caused by The “Blind-Blinded”/Materialised being unable to see Reality/Spirituality. When those of Visionary Prowess are able to see only The Past-Future/”Relativity”, they will be unable to realise The-Present/Reality. In this state of Egotism-Conditionings, The Blind-Blinded will imagine that what they are able to see is all there is. The reason why those who are able to see “more” will “Corner The Market”, a mantra of Malevolence being, “Ve Von’t Take NO fur zer Answer”.

    Pennies for yer Pound then. Every year and every year thereafter, hee-hee, hawhaw. Afterall, when “Gold” only costs, say, $36/ounce to acquire, how will Gold pricing going stratospheric be a solution other than having the ability to get Sump’fing fer Nuffin’. For The Unwary of Thought, Gambling lives-on/off “Sump’fing fer Nuffin’.

    Remember that, “Gamble Responsibly”, is a Somewhat Responsible of Malevolence – much like “Voting” for The 2 Faces of The Same Coin is the test of one’ acumen/judgement – unless self is able to see how the kreatures really look-like – and then realising that it was all “Something For Nothing”. Free Holidays/Golfing-Sessions, anyone?

    If True, and It Is The Truth, better become Real before spouting about what is Real and what is Relative. You know, like, somehow but don’t know how, “Ancient Chinese Culture” will stop The Chinese from becoming Westernised/”Barbarians”. but not when “America” means “The Beautiful Country” in Chinese. Then, it all depends whether Nature or Trinklets is Beautiful to self. You know, when Genocide, Slavery & Plunder are the better options.

    “Ancient Chinese Culture” was bequeathed to The Chinese via 2 Avatars, namely “Confucius”/Master-Kang, whose speciality is Humanitarianism, something Dem Kommies favour, and “Lao-Tze”/Old-Master, whose speciality is Spirituality via “Tao”/Flow/”Liquidity”, something Dem Kommies dislike because The Spiritual is Materially Intangible/Uncontrollable. Be conscious and be aware that when self is able to express Truth as Bliss, that is being Spiritual/Of-Energy-Creativity whist being Material/Of-Energy-Transformation.

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