Wenzhou whizzes take it easy in realty market

Businessmen from Wenzhou, Zhejiang province, among the China's wealthiest and also big-time property investors since 2000, appear to be not unduly excited by signs of incipient recovery in the housing sector in January.

According to the National Bureau of Statistics, only 24 out of the 70 medium-sized and large cities surveyed reported month-on-month declines in home prices in January, down from 27 in December.

Put differently, China's housing market continued to grow in January. And, even in the past week, some newly launched properties in major cities like Beijing and Shanghai have been sold out shortly after bookings opened.