Property market heats back up

10:35, December 10, 2010      

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Last weekend, thousands of Beijing citizens stood in line, just for the chance to buy a house. It has barely been two months since the government rolled out its latest property cooling measures, but it's already heating back up. CCTV reporter Yin Hang takes a closer look.

It may be getting colder outside, but China's property market is warming up.

Figures released by China Index Research Institute shows property markets in several cities are heating up. Home sales in 17 cities among 30 monitored cities surged in November. And the average housing price in 100 Chinesecities has climbed compared with October.

In Beijing, new home sales soared by 15 percent last week compared to the week before. And In Shanghai, home prices hit a 29-week high, exceeding 23-thousand yuan per square meter.

Pan Wei, property researcher of China Galaxy Securities Co., said, "Housing demand still remains robust. It's completely different than the conditions in 2008.

People then were reluctant to purchase homes due to lowering income levels and fluctuating macro-economic conditions. This time, strong demand will last for a while."

Experts say increasing inflation and the appreciating yuan have also added to the current situation.

China's Consumer Price Index in October rose 4.4 percent. And since China launched its currency reform in June, the renminbi has appreciated over 3 percent against the US dollar. Experts also say hot money flowing in from overseas is also pushed up property prices.

Source: Global Times

(Editor:黄蓓蓓)

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