Chinese Officials Don't Mind The Property Bubble Because They Don't Pay Real Prices


As a nice gesture to the poor families in a country with skyrocketing home prices, China has started building low-income housing.

Too bad 80% of the homes in the first major subsidized housing project have been allocated to government officials.


An insider from the Mei County local government said this subsidized housing project has almost been allocated to government employees, and the public has little access to the project. However, official statements from the Mei County Construction Bureau reiterated that the housing project is specifically for low-income families in Mei County.
The deputy chief of the Mei county Construction Bureau Zhao Hong said, “Most public servants don’t have their own houses, they should enjoy the low-cost housing policy.” 

Which makes one wonder if government officials such as the above are really all that concerned about reigning in the nation’s soaring property prices. They’re not feeling any pain, so why rock the boat.

Meanwhile, high rents mean that normal Chinese are stuck living in pods or slums or with their parents. No wonder they were pissed off when a rich girl (perhaps the daughter of a party official) bragged about living in subsidized housing…

Meet 19-Year-Old Yingzi, China’s Most Obnoxious Real Estate Mogul –>

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