It's boom and bust all at once in China. The world's three fastest growing housing markets are all in the Middle Kingdom according to Knight Frank. Prices leapt 52 per cent in Shanghai, 47 per cent in Beijing and 40 per cent in Hong Kong in 2009, growth that was way ahead of everywhere else.
China's economic boom is enabling millions of Chinese to get a foot on the property ladder, and ongoing migration from the countryside to the cities will ensure demand remains high in the cities for years to come.
But, there is another story – in late 2009 distressed property sales were growing faster in China than anywhere else in the world figures from the Royal Institution of Chartered Surevyors (RICS) show. China's earlier speculative bubbles may have caught out buyers who over-borrowed it seems.
Hong Kong has experienced many housing market bubbles over the years, so its authorities are restricting mortgage lending to stop another forming – worryingly, prices continue to rise.
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