A top Chinese lawmaker has warned that profiteering by real estate developers is sapping the lifeblood from China’s economy, as authorities make efforts to contain runaway property prices.
Strong growth of real estate prices, sales and construction has powered China’s economy this year, putting gross domestic product on the path to its first annual growth acceleration since 2010.
Meanwhile, an index of Hong Kong-listed mainland property shares has risen 68 per cent this year, propelling property tycoons such as Evergrande Group’s Hui Ka Yan up the ranks of China’s rich list, despite his company’s heavy debt load.
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