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#1 2018-03-28 01:27:38

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BEIJING nike tn requin pas cher , May 21 (Xinhua) -- There is no shortage of prophets predicting doom for China's housing market, but the history of recent property bubbles gives precious little to support their creed.

There is no doubt that China's home market is losing steam. Growth in home prices slowed to a near one-year low. Investment, construction and sales have all slowed.

All this might be seen as adding weight to predictions that China will fall into the same old trap that caught the United States, Japan and Hong Kong. All three have seen property bubbles burst in the past couple of decades.

A closer look at the three cases might make cause those doom mongers to think again.

GDP, is an interesting way of quantifying the respective Chinese and U.S. bubbles. Residential mortgages in China were less than 20 percent of GDP in 2012 air max 97 og noir , while in the U.S. in 2006, mortgages accounted for more than 80 percent of GDP, according to the Federal Reserve Bank of St. Louis.


When Japan's real estate industry collapsed in 1991, the result was a financial crisis and decades of recession. Triggered by the appreciation of the yen and excess expansion in the housing sector chaussures homme air max 97 , the case is frequently compared with China.

Economic conditions including housing demand and exchange rate changes in China bear no similarities to Japan 30 years ago. China's real estate market is unlikely to follow the same track.

Japan's demand for new homes had already started to shrink when the bubble burst: The process of urbanization, a major driver of asset prices, was approaching its end.

Japan's urbanization rate had remained at around 75 percent since 1975. China is just gathering steam for its urbanization drive with rate of 53.7 percent in 2013. That rate, lower than most developed nations, indicates a genuine need to house 15 million newly arrived urbanites each year. Urbanization in China will continue air max 97 homme pas cher , for sure, with the rate to reach 60 percent by the end of 2020: strong housing demand.

Japan's real estate bubble could also be attributed to the sharp appreciation of the yen, which had appreciated by over five percent annually since 1985, hitting a record high of 79 yen equal to one U.S. dollar in 1995 from 235 against U.S. dollars ten years before. Hot money poured in and asset prices soared. In six major Japanese cities, the price of commercial land rose by over 300 percent in the 1985-1991 period; false prosperity accelerating the burst of the bubble.

Appreciation of the yuan has remained moderate since 2005 air max 97 rouge bordeaux , up by around 36 percent at the end of last year. China's prudent monetary policy has kept the risk at the lowest level.

In addition, Japan's annual economic growth averaged at around four percent from 1985 to 1991, much lower than the 7.7 percent in China.


China's housing market is also unlikely to follow the Hong Kong route, caused by almost insane speculative buying and the crushing effect of the Asian financial crisis.

In the years leading up to 1997 when the bubble burst, a large majority of homes were sold to speculators. About 55 percent of existing home purchases were speculative and for forward housing air max 97 bleu marine , the percentage was about 70 percent, according to research by Huang Xingwen,a veteran expert on the real estate sector at Beijing Normal University.

Although China's home market is also fraught with speculative buying, it's nothing like the situation in Hong Kong. There is no official statistic on the matter, but real estate insiders reckon the percentage to be far lower.

Wang Bao air max 97 triple black pas cher , a Beijing branch manager at agents HomeLink, estimated the percentage to be at about 20 to 30 percent, or perhaps even lower, the result of a government squeeze on speculation.

The burst of the bubble in Hong Kong coincided with the Asian financial crisis, which hammered the stock market and foreign exchange market nike air max 97 noir homme , sending the housing market into a tailspin which was out of the control of the authorities. China's housing market is not faced with any such financial crisis, neither regional nor global, at least not in the near future.

DUBLIN, July 2 (Xinhua) -- The Irish government said on Sunday the decision by the British government to withdraw from the 1964 London Fisheries Convention is "unwelcome and unhelpful".

In response to the British decision, Irish Agriculture Minister Michael Creed said it is a part of Brexit and will be considered by the EU's remaining 27 member states and the EU's chief Brexit negotiator Michel Barnier team when the negotiations commence.

But Creed said the move will have no immediate effect as the withdrawal process from the convention will take two years and will form part of the Brexit negotiations.

The convention grants rights to neighboring countries to fish in each other's 6 to 12 miles fishing zones based on historic fishing activity. The Irish fishing fleet has access to parts of Britain's 6-12 mile zone as has the British fleet to parts of the Irish zone.

"These access rights were incorporated into the EU Common Fisheries Policy when we joined the EU air max 97 ultra noir ," Creed said in a statement.

"Brexit poses very serious challenges to the seafood sector and this announcement will form part of the negotiations," he said.

On Sunday, the British government announced its withdrawal from an arrangement that allows other countries to fish in British waters.

"Leaving the London Fisheries Convention is an important moment as we take back control of our fishing policy. It means for the first time in more than 50 years we will be able to decide who can access our waters," British Environment Secretary Michael Gove said.

According to 2015 figures, the British fishing industry is made up of more than 6 air max 97 silver bullet pas cher ,000 vessels, landing 708,000 tonnes of fish worth 775 million pounds (1.02 billion U.S. dollars). About 10. Wholesale Jerseys   Wholesale Jerseys China   Wholesale Jerseys For Cheap   Wholesale Authentic Jerseys   Wholesale College Basketball Jerseys   Cheap NBA Jerseys Wholesale   Cheap College Hockey Jerseys   Wholesale Authentic Soccer Jerseys   Cheap Jerseys China   Cheap Adidas NHL Jerseys



2018-03-28 01:27:38



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