The mad rush of Chinese real estate does not stop. Prices for new homes reached a year-high in August, straining the government's efforts to cool the market and simultaneously support one of the most robust sectors of the economy.
Costs for new housing have risen in 69 of China's 70 largest cities. The top three - Beijing, Shanghai and Shenzen - have seen prices rise by 15-19% over last year, well above the national average of 8,3%, according to data from the People's Republic Bureau of Statistics.
At the end of August, China Economic Weekly he had calculated that if all the land in the Chinese capital were sold, almost 22 trillion dollars would be earned, when the entire American GDP is worth 16 trillion.
The central government has been trying to curb the race for about 4 years, but is aware that excessive regulation could derail the economy which is now recovering after a long slowdown. Disparities in the market continue to be a problem, with land sales in Beijing and Shanghai hitting new record prices last month, while small towns continue to suffer. According to analysts, the People's Republic will not introduce traumatic changes in the immediate future.
