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China's Housing Market Heats Up
House prices across China continued to rise during the second quarter of this year and real estate insiders predict no price decline in housing in the near future, according to an official survey.
The survey, conducted by the State Development and Planning Commission and the National Bureau of Statistics in 35 cities nationwide, showed that the average house prices have climbed 2.5 percent over the same period of last year.
Monday's China Daily quoted the bureau as saying that the price of a house built for middle- and high-income home buyers averaged at 2,368 yuan (285 U.S. dollars) per square meter of the first five months of this year, 200 yuan up on the same term in 2000.
Luxury homes, such as villas, have been selling well and their prices have also climbed, gaining a year-on-year increase of 1.2 percent.
According to the survey, the rentals market is becoming increasingly buoyant as average rent prices this quater were 3.1 percent higher than those of 2000.
"Generally speaking, the whole real estate market in China has entered a vibrant period and I think it will last for a relatively long time," said Xie Jiajin, director of the Real Estate Department under the Ministry of Construction.
Meng Xiaosu, deputy chairman of the China Association of Real Estate Agents, echoed Xie's view.
"The first 10 years of this century will be a golden time for China to develop its real estate," Meng said.
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