For several years, Chinese real estate prices were rising at a very high rate. In fact, values were jumping so aggressively that some began fearing that a bubble was being inflated. Yet the nation's economy had also been growing very rapidly over the same period due in large part to global trade. So perhaps the quickly rising real estate valuations were justified? This week, however, a bubble is beginning to look a little more plausible, as it might be starting to pop. MarketNews.com reports:
Prices of new homes in China's capital plunged 26.7% month-on-month in March, the Beijing News reported Tuesday, citing data from the city's Housing and Urban-Rural Development Commission.
Purchases had also fallen around 51% year-over-year, according to the report. Is the Asian superpower's real estate party over?
Read the full story at MarketNews.com.