My early report of the Wenzhou (温州）real estate speculators; they are back in Shanghai again looking for things to buy. Rumour had it that this group will purchase about RMB 100 millions of commercial and residential properties. Not confirmed. But yes, they have been here and gone; some came back.
According to the news report, because of the stock market downturn, these Wenzhou people have cash but nowhere to invest. So they are thinking of Shanghai real estate properties. Some buy because for kids to attend universities. But who knows.
The sudden surge of purchases last month was not due to improved economy; rather it was due to the Chinese gov't policies and the drastic interest rate cut. The "real" recovery, will have to wait and see for a while to confirm.
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