Press Interpreter

12/08/05 -- Several years ago, a small group of investors from Wenzhou visited the Pearl River Delta Region but quickly lost interest and went elsewhere. Ever since, the focus of China's entire real estate market has been on the Yangtze River Delta region and on Shanghai in particular. But now, the government is applying macroeconomic controls to slow the real estate market there because it is unable to shoulder the burden. People are looking anew at the Pearl River Delta. Is the return of those wealthy people behind the recent wild fluctuations in housing prices?

After working hard for six years, Li Dazhi finally obtained a mid-level position in a media company and earns nearly 20,000 Yuan per month [about $2500], but he still cannot afford his ideal condominium apartment. "The only people who can afford them are those who can spend money without counting it first," said this 40-year-old man. Last year he reluctantly decided not to pay 1,400,000 Yuan [about $175,000] to buy an apartment in the Xiangmihuxi housing development. A year later he discovered that the apartment now sells for 2,400,000 Yuan [about $300,000].

[Remaining text untranslated]

By Lei Jianjiao

--Translated By Carol Fang and Ramsi Woodcock

This article was translated using the Translation Wiki ( http://www.translationwiki.net ). To see the original text side by side with the translation and to make additions or improvements, go to the Translation Wiki for this article: http://www.translationwiki.net/index2.php?action=trans&type=view&id=39 (works best in Firefox, http://www.mozilla.org/products/firefox/ ).

Go to original article:

http://www.nanfangdaily.com.cn/zm/20051208/jj/jjxw/200512080027.asp