At last year’s start, China’s statistics agency faced a crisis of confidence in its property data, writes Simon Rabinovitch in Hong Kong.
A glance at real estate ads in Beijing or Shanghai revealed house prices were soaring. But the country’s official gauge of property prices, an index of the top 70 cities, had edged up only 1.5 per cent year on year.
State-run newspapers reported a tide of criticism that was unleashed online. “Can you believe it? Surely, the decimal point was misplaced,” the Beijing Morning Post quoted one person as saying.
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