China Reduces Prices on Residential Property
November 13, 2008 – 6:26 pmChina has come up with a unique way of stimulating its economic growth. While China’s Real Estate witnessed a major setback, the government decided to slash down the prices on Beijing’s residential property. This they did in order to stimulate the prospective buyers to invest money in the Real Estate, who were otherwise reluctant to pay a higher price. Where it has propelled few buyers to buy the property, it has created much chaos among the Beijing residents. The recent real estate buyers are demanding a money-back, calculating the difference between the price they paid and the reduced prices.
Well if officials are to be believed, the situation seems tensed. They consider both the propositions non-beneficial. While a customer cannot claim a money-back simply because the price of the commodity they have purchased has been slashed a little while later. On the other hand, other sources from the country say that a higher supply of cheap housing would not boost the prices, as intended. Well all we can say is that one party’s loss is another’s gain!