90% Chinese fed up with sky-high housing prices

16:15, September 27, 2010      

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More than 90 percent of respondents are not satisfied with the sky-high housing prices at present, and 64 percent believe that housing prices will continue to rise, according to a housing price survey covering more than 46,000 people recently conducted by People's Daily through People's Daily Online, its official website.

"Currently, the abnormally high housing prices are way out of proportion to most people's earnings. Given that a house is a necessity for everyone, it is the duty of the government to drag housing prices back to a reasonable level," a netizen named Jin Zhong said.

The survey shows that more than 75 percent of respondents are willing to pay up to 8,000 yuan per square meter for a house, nearly 51 percent are willing to pay up to 4,000 yuan, 15 percent are willing to pay between 8,000 yuan to 12,000 yuan, and nearly 10 percent are willing to pay more than 12,000 yuan. In addition, nearly half chose houses with a floor space of less than 90 square meters.

The State Council introduced 10 macro control measures for cooling off China's overheated real estate market in mid-April this year, and the survey shows that those measures have produced initial results.

According to the survey, 64 percent of respondents believe that housing prices are facing upward pressure. Nearly 62 percent ascribe it to the poor implementation of macro control measures, more than 58 percent think it is because developers have plenty of money and are thus not willing to reduce housing prices, 56 percent attribute it to speculative property investments and nearly 53 percent believe that it is due to the rising inflation expectations and that people tend to buy houses as a way of hedging against inflation.

More than 80 percent of respondents believe that the macro control measures have not been successfully implemented. Of those, 74 percent believe it is because local governments have not fulfilled their duty, more than 68 percent believe that the effects of the control measures have been partly counteracted by market forces and nearly 67 percent believe that the housing regulator is not tough enough with illegal developers.

More than 65 percent think that the central government may launch a second round of real estate regulations. Nearly 70 percent voted for "reforming local fiscal and taxation systems," followed by "linking the implementation of regulatory policies to government officials' track records (nearly 65 percent)," "introducing the property tax (more than 52 percent)," and "banning the presale of houses (51 percent)."

However, some netizens said China has actually developed sufficient regulatory policies, but these policies have seldom been effectively implemented. If governments at all levels can successfully implement the current policies, the soaring housing prices will definitely be curbed.

By People's Daily Online


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