Not content with banning lavish banquets and overseas junkets in its efforts to shore up declining moral standards within its own ranks, China’s communist party has moved to stop the building of any more monumental offices.
As the FT’s Simon Rabinovitch points out:
Whether the latest ban has a similarly negative impact on the property market will depend on how it is interpreted by state-owned companies. Chinese corporate executives have felt pressure to comply with Mr Xi’s earlier austerity policies even though government officials, not companies, were his targets.
Beijing has previously tried to stop local governments from building massive new offices, but only with limited success. Even in poorer parts of China, cities and villages have built monolithic offices, replicas of the US Capitol building and faux-European palaces.