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Sunday, August 01, 2010

NY Times: China State-owned companies move into real estate development

by Calculated Risk on 8/01/2010 08:52:00 PM

From David Barboza at the NY Times: State-Owned Groups Fuel China’s Real Estate Boom

All around the nation, giant state-owned oil, chemical, military, telecom and highway groups are bidding up prices on sprawling plots of land for big real estate projects unrelated to their core businesses.
By driving up property prices, the state-owned companies, which are ultimately controlled by the national government, are working at cross-purposes with the central government’s effort to keep China’s real estate boom from becoming a debt-driven speculative bubble ...
The story mentions a salt company building luxury high rises ... that seems very speculative!

A repeat: Early this morning Part 5C of the Sovereign Default series: Some Policy Options, Good and Bad

Negative Equity Breakdown. The authors estimate there are 4.1 million homeowners with more than 50% negative equity, and another 5 million with 20% to 50% negative equity.

How do you put recession bars on graphs using Excel?