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China has yet to stop its runaway property bubble

Capital controls and easy money keep investors tied to domestic real estate

Price caps on new condos have led to a supply squeeze in the southern Chinese city of Nanjing, pushing up the cost of existing units. (Photo by Issaku Harada)

BEIJING Wu Jianying, a company employee in Beijing, visited her father's hometown in Hebei Province, in mid-March. In Wen'an County, a one-and-a-half-hour drive south from the capital, she heard a strange rumor: The government might soon place restrictions on property purchases. In such a rural town, she wondered.

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