(Bloomberg) -- Property prices in Shanghai, Beijing
and Guangzhou are too high and developers should focus on the
smaller Chinese cities as consumers there grow richer, real
estate executives said.
``First-tier cities are getting too expensive,'' Justin Chiu,
executive director at Cheung Kong (Holdings) Ltd., Hong Kong's
biggest developer, said in an interview in Singapore today.
``Anywhere in the world people who support the property market
are from the middle class, but in these first-tier cities, prices
are getting too high for middle class people to absorb.''
Read more at Bloomberg Emerging Markets News
and Guangzhou are too high and developers should focus on the
smaller Chinese cities as consumers there grow richer, real
estate executives said.
``First-tier cities are getting too expensive,'' Justin Chiu,
executive director at Cheung Kong (Holdings) Ltd., Hong Kong's
biggest developer, said in an interview in Singapore today.
``Anywhere in the world people who support the property market
are from the middle class, but in these first-tier cities, prices
are getting too high for middle class people to absorb.''
Read more at Bloomberg Emerging Markets News
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