Domestic housing prices soar
20/4/2004 14:45
In the first quarter of this year, housing prices have soared in 35 large
and mid-sized cities in China, with sales prices increasing by 7.7 percent over
the previous year. According to the National Statistics Bureau, land prices rose
by 7.5 percent and rents were up 0.6 percent, eastday.com reported
today.
Rapid growth in real estate sales and investment from January to March
this year has driven up domestic housing prices by 2.6 percentage points over
the fourth quarter of last year. Nine of the 35 Chinese cities reported housing
price increases of more than ten percentage points over the fourth quarter of
the previous year.
The growth in land prices has slowed in the first three
months of the year, with the growth down 1.4 percentage points from the fourth
quarter of last year. Seven of the 35 cities have registered land price
increases of more than 10 percentage points.
Land prices for industrial and
luxury residential use rose more rapidly than the growth in the fourth quarter
of last year.
According to the statistics, housing rents inched up in the
first three months of the year, with the growth down 1.6 percentage points from
the fourth quarter of last year. Growth in residential housing rents has
declined by more than 11 percentage points from the fourth quarter of last
year.
Wendy Zhang/ Shanghai Daily news
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