Slump, Boom

Realtors in Peiping (once Peking) sat last week in doleful dumps. Not only has the Government of China removed from their city to Nanking (TIME, April 25, 1927), but Society and Business are flocking Southward too. Result: real estate values in Peiping had slumped down, last week, to one-third their conservative appraisal seven months ago, when the city was still "Peking"--a name meaning "Northern Capital." The city's new name, "Peiping," means "Northern Peace."

Naturally realtors in "Nanking" or "Southern Capital" sported last week on the crest of a boom which had shot all desirable buildings up to approximately 15 times their former value, with land appraisals up tenfold.

So boundless grew the possibilities of profiteering, that the new Nationalist Government hastily drafted and enacted, last week, a drastic "Appreciation Tax" designed to lift some of the burden of wealth from profiteers.