China classifies 35 cities at high risk
A Chinese government think tank has identified 35 major cities with over-valued property markets, saying they face more severe risks of falling home prices than seen in previous property boom cycles. Among the 35 major cities, China's first-tier centres — Shenzhen, Shanghai, Beijing and Tianjin, and second-tier cities — Xiamen, Nanjing, Zhengzhou, Hefei, Shijiazhuang and Fuzhou were said to be the 10 cities most exposed to property market risks. "Those over-valued property markets are highly likely to see a slowdown in price growth or even a downright price fall, for which we should be on high alert," the think tank said. Home and residential land prices have soared in many parts of China this year, prompting authorities to impose a range of restrictions on buyers and curbs on developers' ability to raise funds.
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