Rising demand and costs are driving up average housing prices
across China, National Bureau of Statistics spokesman Li Xiaochao
told a news conference today.
Average housing prices in 70 major cities jumped 8.2 percent in
the third quarter of this year, compared with 6.3 percent in the
second quarter and 5.6 percent in the first quarter.
Over the first three quarters, housing prices grew 6.7 percent,
led by the city of Shenzhen in southern China's Guangdong Province,
Li said.
Prices in Shenzhen jumped 15.7 percent in the period from a year
earlier, followed by Beihai (12.1 percent) and Beijing (10.1
percent), Li said.
Prices for new residences grew 7.2 percent in the nine months
and prices for second-hand homes rose 6.6 percent.
Li didn't provide any figures for Shanghai.
The rapid growth of China's economy and average incomes spurred
the demand for houses, along with speculators buying multiple
homes, Li said.
"The inadequate supply also helps stimulate housing prices,
especially the supply of lower priced homes," Li said.
The rising cost of land acquisition and higher prices of
construction materials contributed to the growth of housing price,
Li said.
In the first three quarters, the trading price for land rose
12.8 percent on average in the 70 major cities, with 15-percent
growth in the third quarter, Li said.
(Shanghai Daily October 25, 2007)
