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Rising house prices show no sign of stopping

(Xinhua)
Updated: 2007-08-14 10:52

Residential buildings in Huaibei, Anhui Province. The China Real Estate Association reported on Sunday that housing prices in China may continue to rise in the second half, following the announcement that house prices over the first six months were up 16.34%. [newsphoto]

The China Real Estate Association (CREA) reported on Sunday that housing prices in China may continue to rise in the second half of the year, following the announcement that house prices over the first six months were up 16.34 percent.

"The disparity between tight supply and overheating demand pushed the prices up," said Zhu Zhongyi, vice-president of the association, at a recent forum.

Due to expectations of further hikes, ordinary consumers are scared into buying a house for fear that they will pay even more if they keep waiting. The growing urban population has also boosted demand.

"These reasons for the rise in housing prices will continue to take effect in the latter half of the year," the CREA report said.

Zhu called on the Chinese government to take measures that are "responsive to the current needs and problems of the real estate industry".

In allocating the state-owned land resources, for example, the government should encourage the efficient use of land by stepping up the supply of affordable housing for common consumers, Zhu said.

The government should also promote the second-hand market and the letting market, which will help alleviate the housing pressure, Zhu said.

The report also warned against speculation risks as more money flowed into the real estate market.

Foreign investment jumped 68.7 percent in funding real estate development in the first half, according to the National Bureau of Statistics (NBS).

More foreign capital would push the prices even higher, and could add to the list of pressures on appreciation of the yuan, said the report.

Housing prices in major cities such as Beijing and Shenzhen have been growing at a rate of around 10 percent for several months, and smaller cities have also seen major increases in housing prices.

"The actual trade price in some cities is even higher," Zhu said.

A recent survey showed that 80 percent of the residents in China's major cities such as Beijing, Shanghai, Shenzhen and Tianjin believed the housing prices were too high.