china’s mid-sized cities are enjoying a property boom

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1、TheglitterofbronzeChina’smid-sizedcitiesareenjoyingapropertyboomItisspeculative,butnotcrazyFORyearsWuhu,acity(pictured)inthepoorcentralprovinceofAnhui,wasonthefrontlineofanationalefforttoreduceaglutofunsoldhomes.NewpropertydevelopmentsstretchedintothehazealongtheYangzir

2、iveronthetown’swesternedge.Butbuyerswerescarce:althoughAnhuihasapopulationaboutthesizeofItaly’s,manyofitspeoplehavelongpreferredtoworkinricherpartsofthecountry.OfficialsinWuhutriedtoenticelocalstobuyhomes,offeringtaxbreaks.Atonepointtheyevenpromisedtosubsidisethe cost,a

3、nactofdesperationthatmadeWuhuanemblemofChina’sreal-estatewoes.Sinceearly2016,however,thecity’spropertypriceshavesoaredbymorethan30%.Earlierthismonththecitysharplychangedtack,introducingmeasurestocurbspeculation.Forexample,itrequiredthatbuyersofnewhomeswaitatleasttwoyear

4、sbeforeselling.Developerswereorderedtosetpriceswithinpredeterminedranges.Thecityalsovowedtoexpandthelandavailablefordevelopment.Theglutofunsoldhomesis,inotherwords, nomore.Ashortageisthenewconcern.ThestrikingimprovementinWuhu’spropertymarkethasechoesaroundthecountry.Iti

5、soneofthe60orsocitiesdeemedtobe“thirdtier”.Thedesignationrefersnotjusttotheirpoliticalrankingandsize(mediumbyChina’sstandards,withpopulationsofroughly1m-3m);untilrecentlyitalsosummedupprevailingsentimentabouttheirprospects.Analystsandinvestorshavegenerallybeenpositiveab

6、outChina’sfirst-tiermegacities(Beijing,Shanghai,ShenzhenandGuangzhou)anditssecond-tiergiants,especiallythoseingoodlocationssuchasHangzhouintheeastandFoshaninthesouth.Buttherewaslessenthusiasmforcitiesrankedinthethirdtierandbelow.Theywereseenassufferingfromweakindustrial

7、bases,flimsysocialservicesandasteadybrain-drainastheirmosteducatedresidentsleftformoreexcitingplaces. YetarallyinChina’spropertymarket,whichbeganinitsbigcitiesin2015,isfilteringdowntothesealso-rans.Housingpricesinthird-tiercitiesareupby7%overthepastyearonaverage,andbymu

8、chmoreinthebestperformers(seechart).Theirmarketshaveremainedhotthisyear,evenwhiletheirbiggerpeershavecooledoff