The Chinese Are Freaking Out About A Sudden Drop In Housing Prices

ASK ordinary people about their own Chinese dream, and you find owning a home is high on the list. But years of rising house prices have put that dream out of reach of many. A slowing economy appeared to take some of the heat out. Now, alas, the residential property market is soaring again (see chart). A new survey of developers and property firms on May 2nd showed average house prices up more than 5% in April on a year earlier. Taking the long view, rising property values seem defensible. The c...