Property prices continue to rise

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BIZCHINA / News

Property prices continue to rise

By Hu Yuanyuan (China Daily)
Updated: 2007-06-05 14:47

Property prices in China's 70 large and medium cities jumped by 6.4
percent year-on-year in May despite the government's measures to cool
down the market, the National Development and Reform Commission said
yesterday.

Experts, however, attributed last month's rise, which was 1 percent
higher than that in April, to the "seasonal factor".

Five cities saw a double-digit growth in the prices of new houses, and
Shenzhen lead the pack with a 12.3 percent hike. Beijing witnessed a 10.3
percent increase.

"The seasonal factor is one of the major causes for the jump in prices
because May usually sees very brisk transactions in the property market,"
said Richard Wang, associate director of the consulting and research
department of international property consultants Debenham Tie Leung.

The bullish stock market and people's wait-and-see attitude had slowed
the growth of property prices in the first quarter, Wang said.

Besides, as the risks in stock trading became clearer with a couple of
sharp drops in the Shanghai Composite Index, more capital has started
flowing back into the property market.

Wang said that with the Olympic Games just over a year away, "Beijing's
property price is very likely to continue growing in the coming months".

(For more biz stories, please visit Industry Updates)

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20071123 Extracted from http://www.hellomandarin.net