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China's urban property prices rose 5.3% in February

(China Daily)
Updated: 2007-03-21 10:14

 

Chinese window cleaners rappel from a new property building in the central business district of Beijing March 20, 2007. China's urban property prices rose 5.3 percent in February from a year earlier, compared with a 5.6 percent rise in January, official figures showed on Monday. [Reuters]
 
Soaring real estate prices make it imperative for the government to deliver the affordable housing it promised for low-income families.

Official statistics show that the average price of new houses in 70 major Chinese cities rose 5.9 percent annually as of last month.

Though the price increase was 0.2 of percentage point lower than that of January, it does not amount to good news for low-income would-be buyers, especially those in large cities.

Beijing, Shenzhen and Guangzhou all witnessed near double-digit growth in housing prices in February. Meanwhile, Shanghai saw a tentative rebound in housing prices, which had been falling for months.

Given the importance of the real estate industry in boosting economic growth and improving people's housing conditions, the government should certainly try every means to promote the industry's sustained and sound growth while getting the overheated market under control.

The public's growing pain caused by rising housing prices also demands close attention and prompt response from the government.

When addressing the National People's Congress this month, Premier Wen Jiabao said that the government will pay particular attention to addressing the housing problems of low-income families.

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