Can China’s long property boom hold? | The Economist

Can China's long property boom hold?

The country is building five times as many houses as America and Europe combined

LOTTERY WINNERS normally win money. In China the big prize is being allowed to spend it. Demand for new homes in good locations is so high, and supply so limited, that several cities use lotteries to allocate them, some with odds as low as one in 60. When his number was chosen, John Chen, an engineer in Shanghai, had two minutes to decide whether to drop 9.

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