Chinesepod - Property prices up 7.1% in major cities

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Property prices up 7.1% in major cities

By Hu Yuanyuan (China Daily)
Updated: 2007-07-24 08:40

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A ballon rises in front of buildings in Shanghai. Property prices in
China's 70 large and medium cities rose by 7.1% on a yearly basis last
month. [newsphoto]

Property prices in the country's 70 large and medium cities rose by 7.1
percent on a yearly basis last month despite the government's efforts to
cool down the market, the National Development and Reform Commission
(NDRC) said yesterday.

The growth rate, the highest since 2006, contributed to the strong
economy, experts said.

"China's sizzling property market is closely linked with the overall
economy," said Anna M Kalifa, head of the research department at Jones
Lang LaSalle Beijing.

The country's gross domestic product grew by 11.5 percent in the first
half of the year, beating experts' forecasts.

Beihai, Shenzhen, Nanjing and Beijing led the country in terms of price
increases, with growth rates of 15.5 percent, 13.9 percent, 11.3 percent
and 10 percent, respectively. Beihai, a small city at the southern end of
South China's Guangxi Zhuang Autonomous Region, has been at the top of
the list for four months in a row, reflecting the strong growth in
second- and third-tier cities.

June and July are generally key times for property deals, not only in
China, but also for the entire world, Kalifa said.

Related readings:
?Beijing housing prices up 10.1% in 1st half
?Guangzhou property prices hit new high in June
?Property price growth in May quickens; Up 6.4% on year
?Housing, a too heavy burden

"Property prices in China will continue to grow in the next half of the
year, but at a slower pace," Kalifa told China Daily. "We expect the
property price to grow by around 8 percent from January 2007 to January
2008, and we've seen most of that growth already."

The sales prices of pre-owned houses jumped by 7.8 percent last month.
That was one percentage point higher than in May. Shenzhen and Beijing
are still among the top four cities in terms of price hikes, with growth
rates of 16.1 percent and 9.4 percent, respectively.

(For more biz stories, please visit Industry Updates)

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