CHINA / National
Housing prices in 70 cities continue to rise
(China.org.cn)
Updated: 2006-06-15 14:27
Compared with the same period last year the average housing price in 70
Chinese cities in May had increased by 5.8 percent, which is 0.2
percentage points higher than April this year, according to survey
results released by the National Development and Reform Commission and
the National Bureau of Statistics Wednesday.
The five cities with the fastest housing price increases are Dalian in
Liaoning, Shenzhen in Guangdong, Hohhot in Inner Mongolia, Fuzhou in
Fujian and the capital Beijing. Prices for the first four cities have
risen around 10 percent while in Beijing the figure is 9 percent. There
are 25 cities where house prices have gone up by over 1 percent.
However, in Shanghai, the average house price has fallen by 2.9 percent
and the price of commercial property has dropped by 6.2 percent compared
with prices in the same period last year.
The price of older properties in Dalian, Shenzhen, Zhengzhou in Henan and
Hohhot has gone up by 10 percent. In 34 other cities increases have also
been over 1 percent.
On May 29 China's State Council issued a new circular aiming to increase
the supply of affordable housing in a bid to bring down the soaring house
prices.
The circular, produced by the Ministry of Construction, the National
Development and Reform Commission and seven other departments, states all
local governments must include the building of affordable homes in their
11th five-year development plan (2006-2010).
According to the circular all developers must fund 35 percent of the
investment for the development of any project from their own capital
before they can seek loans from commercial banks.
The circular also aims at reducing demand, urging local authorities to
exercise restraint in demolishing old homes, which forces tens of
thousands of people into the housing market every year.
The circular warns a tough approach to developers engaged in hoarding
property or any other malpractice. Serious offenders would be fined or
even have their licenses revoked, it states.
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