Lawmakers Warn of Possible Olympic 'Bubble'

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Last updated at: (Beijing Time) Friday, March 08, 2002

Lawmakers Warn of Possible Olympic 'Bubble'

Chinese lawmakers at an annual session have warned of possible bubbles in Beijing's Olympic economy, accusing some real estate developers hiking housing prices.

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Chinese lawmakers at an annual session have warned of possible bubbles in Beijing's Olympic economy, accusing some real estate developers hiking housing prices.

Luo Yifeng, a deputy to the legislative National People's Congress (NPC), said it takes more than money and enthusiasm to host the 2008 Beijing Olympic Games.

After Beijing was elected the host city, he said, some real estate developers claimed that high-end housing in Beijing could go up as high as 20,000 yuan (about 2400 US dollars) per square meter and still be demanded.

During the first three quarters of 2001, the investment in real estate projects in Beijing rose by 55.5 percent from a year earlier, and new starts of commercial housing increased by 86.9 percent.

The deputy said hiking of the already expensive housing prices in the city shows signs of an Olympic Games "bubble".

Architect Ren Ming, another NPC deputy, called on Beijing to link the needs of hosting the games with the long-term planning of the city when choosing the sites for Olympic stadiums.

Efforts should be made to ensure those stadiums will not become redundant after the Games, Ren said.

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