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New ways to make money in China
By Song Jingli and Hao Yan (chinadaily.com.cn)
Updated: 2010-05-14 17:10
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Speculators drive the prices of mung beans up
As the property market begins to show signs of cooling, agricultural produce such as garlic and mung beans have won favor from speculators.
The wholesale price of mung beans in Beijing has soared from 9 yuan a kilogram at the end of March to 18 yuan now, owing to market speculation as well as a drought in southern China that has seen a reduce in the output of green beans, the Beijing Business Today reported Tuesday. [Full Story]
"Speculating on property? No, speculating on garlic promises more and quicker profits," a speculator who gave his name as Zhang Ling told Wednesday's Southern Metropolitan Daily.
Zhang has earned 2 million yuan with 500,000 yuan of seed money since the end of last year.
The National Bureau of Statistics said the wholesale price of garlic skyrocketed more than 10 fold from a year earlier to about 12.2 yuan per kilogram at the end of April, while average vegetable prices in April surged about 25 percent from a year ago. [Full Story]
Easy money from agri-products speculation
Besides garlic, the prices of other agricultural products have increased greatly in the past several months. Prices of 48 vegetables rose in Guangzhou, out of 77 vegetables whose prices are tracked, and those of 15 more than doubled.
Capital is switching to produce as the stock market is getting bearish and real estate is facing policy regulations. Prices are strongest for vegetables most in demand, produced on a limited scale or which have suffered natural disasters, said Ma Wenfeng, an analyst at Beijing Orient Agribusiness Consultant Ltd.[Full Story]
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