Authored by He Huifeng via The South China Morning Post,
In an inglorious echo of 2007 America, many young homeowners in booming cities owe more than they earn, and some even falsify salary details to get bigger mortgages...
PBoC governor Zhou Xiaochuan thought about it, and decided it’s probably not a good idea for borrowers to get P2P loans for down payments on homes.
In fact, he said last weekend, it’s illegal: “Funds used for down payments cannot be borrowed."
Via PandaHedge.com,
The price of home price in China’s tier one cities (Beijing, Shanghai, Guangzhou and Shenzhen) started another around of rally in the last couple months, and became “crazy” in Feb as described by the Chinese who form lines to buy the apartments everywhere.
When I saw this online commercial as below, I cannot help asking myself: Really? This place can be sold as a “home” (I thought it’s just a kitchen), and at this price ($9k per sqf)?