Chinese Mandarin - Housing price keep rising despite govt control measures

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Housing price keep rising despite govt control measures

www.chinanews.cn 2007-04-18 18:02:03

Chinanews, Beijing, Apr. 18 �C Although Chinese government has taken
measures to regulate property market, the housing prices still keep on
rising. On Tuesday, the State Development and Reform Commission and the
National Bureau of Statistics jointly issued a set of data, which shows
that in last March, the housing sales price in 70 big and medium-sized
cities across China rose by 5.9% compared with the same period last year.
The growth rate was 0.6 percentage point higher than that of last month.
In last February, prices of newly built commercial houses sold in 70
cities across China rose by 6%. Housing prices in Shenzhen, Beijing and
Guangzhou grew by 10.7%, 9.9% and 8.6%, respectively, the fastest among
all.
Price of used houses continued to grow in Shenzhen, Beijing and Dalian,
with such price growing the largest in Shenzhen among all cities. In last
March, price of used houses increased at an average rate of 12.7%.
In recent years, Chinese government has taken a series of measures trying
to drag down the housing price and some of the measures are really tough.
Despite this, housing prices continue to soar in China.
Days ago, Chinese officials admitted that housing prices remained high in
some large cities despite government efforts. At present, housing supply
structure is still inappropriate, since only 16.1% of the new commercial
houses are built with a floor space of less than 90 square meters each,
while Chinese government has hoped that the proportion of such houses
should account for 70% of the total houses sold. In addition, the
low-rent housing system launched by the government only covers a limited
number of people and is therefore unable to drag down the housing price
as government expects.

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