Date
18 December 2017

Graft crackdown ‘best way to nip home price rises’

Clamping down on corruption is the most effective way to curb rapidly rising property prices, Caixin.com reported Monday, citing Wang Shi, chairman of Vanke Co. Ltd (000002.CN). Wang said demand for luxury homes has fallen since the government launched its campaign against corruption. He said corruption was rampant in the real estate industry, with most abuses of power for profit linked to property, he said. Wang said industry growth is expected to slow but he is optimistic about the sector’s long-term development as urbanization accelerates.

– Contact HKEJ at [email protected]

KZ/AC/SK

 

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