This is worth noting: real-estate stocks (property developers) tanked in the last week and a half, likely the result of government announcements that they are planning to put the kibbosh on “real estate speculation.” There have been several policies enacted recently, such as a tax on secondary sales (which probably makes the affordability problem much worse, and will impact speculation only insofar as buyers have a limited time horizon). The national congress convenes in March, and the expectation seems to be that more incoherent contradictory nonsensepolicies issued then will address the issue. Until then, uncertainty is difficult to price. (Source: 大智慧, data retrieved 01.29.2010).