Rumors expose problems in property market
A divorce registration office of the Shanghai Civil Affairs Bureau is bombarded by couples on Aug 30. SHANGHAI POLICE HAVE detained seven real estate agents for spreading rumors about the government introducing new home purchase restrictions, which led to a jump in divorce rates and a property buying frenzy in the city. Beijing News commented on Monday: The seven Shanghai property agents were no doubt pursuing better sales and commission fees, but the house-purchasing frenzy they triggered in the city with their rumors shows that something is wrong with the metropolis' real estate market. Besides, people's expectations that house prices in the big cities will continue to go up means that many are convinced that hoarding real estate properties is the most lucrative investment strategy. In Shanghai's case, some people even got "divorced" after a rumor spread that the authorities were considering introducing higher minimum down payments and mortgage interest rates for homebuyers divorced for a certain period of time.
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