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More regulation possible as house prices rise

(Xinhua)

08:27, August 24, 2012

SHANGHAI, Aug. 23 (Xinhua) -- A housing project in Nanning attracted almost 1,000 people rushing to buy 100 homes even though the city's house prices have been rising over the last two months.

Nanning, capital of south China's Guangxi Zhuang Autonomous Region, is not the only second-tier city that is witnessing rising house prices. The recovery of the property market is spreading from first-tier cities like Beijing and Shanghai to the less-developed second and third-tier cities.

According to statistics published by the National Bureau of Statistics (NBS), prices of new homes in 50 out of 70 cities increased in July from June. This compares to 25 in June from May and five in May from April.

The prices of second-hand houses have been rising at an even faster rate than new ones.

The Tiantongyuan community in Beijing has been famous for low house prices but the cost of housing has surged by 10 percent during the past two months.

Government measures, implemented in 2010 to bring house prices down, have included restrictions on home purchases in several cities, higher down payments and property taxes.

The measures have shown preliminary results. However, sales volumes and prices for homes in some cities have started to climb.


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