Shanghai Cracks Down on Real Estate Speculation

I wish somebody would crack down on real estate speculation here in Silicon Valley.

ANY real estate developers in Shanghai who are found to be buying and reserving apartments for real estate speculation face the prospect of losing their licenses.

Real estate firms cannot:

1. hold on to apartments in hopes of making more money later

2. cannot overprice apartments so they won't sell in hopes of making more money later. (I never thought of this one.)

Local residents are given a hotline (962-121) to report suspected illegal practices by developers.

The Ministry of Land Resources said in most cities 60 percent, and in some cities as high as 90 percent, of recent land acquisitions for construction in China were illegal.

No more!

Silicon Valley is next??