Thursday, October 27, 2011

Discounting Property prices is illegal in Shanghai

I can hardly believe this is true, but this article states that it is now illegal in Shanghai to reduce condo prices by more than 20%.  Apparently China Overseas Land cut some of its prices by 30%, this was found the be illegal by the Communist Party of Shanghai (they still control the place).

Makes you think.  I guess that they will only allow prices to fall once China Overseas is bust...

Got to love communism, its the opposite of what happened in the U.S.  In China companies have to support the prices of goods they sold to citizen.  In America, the government supports the right of corporations to screw the citizen.  Man, I think I've misunderstood this capitalism/communism thing!

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