In many Chinese cities, government restrictions have cooled formerly feverish property markets, but in the southwestern city of Chongqing, construction is booming and sales soaring as investors rush in. The most audacious evidence is one of the newest additions to the city’s skyline, a mega project of eight futuristic high-rises, six of which are connected by a vertiginous skybridge. The behemoth Raffles City Chongqing looms over a bend in the Jialing river, where its dark-green waters meet the muddy currents of the Yangtze. The 73-storey towers, part of a project built at a cost of $4.8 billion, are unmistakeable proof that a slowdown which has seen sales slump nationwide has not taken hold in Chongqing. In recent years, Beijing has banned capital flight, curbing investments in foreign projects like a luxury development built by Chinese developers in Malaysia. And authorities have tightened regulations in the country’s main cities, requiring buyers to show proof of residence before purchasing homes. Those rules have benefitted places like Chongqing, a key logistics staging point in China’s Belt and Road Initiative. The city is China’s largest market in terms of area of residential apartments sold: some 31.23 million square metres (336 million square feet) of… Read full this story
- China's home price growth hits near two-year low as coronavirus spreads
- Is Chongqing's 'horizontal skyscraper' the answer to overcrowded cities?
- Slowing growth in China raises red flag for global economy
- China: witnessing the birth of a superpower
- In China’s health crisis, Gurugram garment makers sense opportunity
- Cost of China’s anti-virus fight rises with workers idle
- UK sees surge in property millionaires despite slowdown in house market
- Cure rates on a steady rise, report says
- To tame coronavirus, Mao-style social control blankets China
- How coronavirus is stalling China’s military modernisation plans | Opinion
In China's Chongqing, high-rises buck property slowdown have 291 words, post on en.rfi.fr at June 18, 2019. This is cached page on VietMaz. If you want remove this page, please contact us.