China Real Estate wrongs Peng Zhaozhi/Xinhua/ZumaPress

Los errores de China en el sector inmobiliario

BEIJING – El sector inmobiliario chino es motivo de preocupación desde hace varios años: la escalada de precios de las propiedades hace temer un sobrecalentamiento del mercado de la vivienda. Pero la campaña del gobierno para dominar el riesgo en el sector y contener la subida de precios parece estar, finalmente, surtiendo efecto. Ahora el peligro es otro: que se produzca un derrumbe del mercado inmobiliario y arrastre consigo las perspectivas económicas de China.

En su intento de controlar la suba de precios, el gobierno chino aplicó nueve políticas distintas, que en algunos casos fueron ineficaces. Aunque medidas como la aplicación de límites a las hipotecas para la compra de la primera vivienda y requisitos de residencia mínimos para adquirir propiedades en ciudades de primer nivel como Beijing o Shanghai ayudaron a contener la demanda, las tácticas de control de la oferta, como limitar el crédito a empresas constructoras y establecer nuevos impuestos a la venta de propiedades, resultaron contraproducentes.

Las falencias de esta metodología impidieron frenar el encarecimiento sostenido de las viviendas en China, y esto alimentó grandes burbujas inmobiliarias, especialmente en las ciudades de primer nivel. En promedio, un residente de Beijing tendría que ahorrar todos sus ingresos durante 34 años para comprar un departamento, mientras que los de Shanghai y Guangzhou deberían ahorrar 29 y 27 años, respectivamente, mucho más que en otras grandes ciudades internacionales.

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