Lessons from China’s home sale crash
SummaryIt's a house of cards once speculation takes over and more homes are built than needed
Recently, a video clip in which a senior local-level functionary of the Communist Party of China (CPC) implored comrades and leaders of the party to purchase more homes went viral. The functionary can be seen saying: “If you’ve bought one [home], buy two. If you’ve bought two, buy three. If you’ve bought three, buy four."