Like any other Chinese city, Kunming has to deal with plenty of fake or counterfeit items, but one prominent economic expert says the city's – and China's - economy is being threatened by fake data about its real estate market.
Speaking at Yunnan University on Saturday, Dr Ma Guangyuan (马光远) of Peking University's Venture Investment Institute said that although the Chinese government has enacted strict policies to regulate the local property market, it has had issues with enforcement.
Were the government's efforts to enforce its own policies more effective, the Kunming real estate market would not be in its current state in which the supply of new property is rapidly increasing while property prices are also heading steadily upward, Dr Ma said.
Ma said the reliability of much of the information pertaining to Kunming and China's real estate markets – especially on the internet – is extremely unreliable and is having a negative impact on the industry's development.
His comments come on the heels of a recent criminal case in Kunming in which 2,000 individuals and 40 companies were tricked into investing 300 million yuan (US$45 million) in a nonexistent real estate project.© Copyright 2005-2014 GoKunming.com all rights reserved. This material may not be republished, rewritten or redistributed without permission.