Real estate price hikes continue
By Hu Yuanyuan (China Daily)Updated: 2006-11-14 10:45 China's real estate prices maintained their robust growth last month, but the number of transactions involving foreign institutional investors declined due to restrictions on overseas investment.
Property prices in China's 70 large- and medium-sized cities rose 5.4 per cent in October, 0.1 percentage points higher than August's rise, the National Development and Reform Commission (NDRC) said in a statement yesterday.
The sales prices of high-end and ordinary residential buildings saw year-on-year rises of 7.7 per cent and 6.4 per cent, up 0.7 and 0.1 percentage points compared to last month.
Beijing witnessed the biggest price rise, with year-on-year growth of 10.7 per cent, while Shanghai saw its prices drop 0.6 per cent compared to the same period last year.
Influenced by a government rule restricting foreign investment in the real estate sector, the number of transactions involving foreign institutional investors declined recently, according to a report by US-based consulting firm CB Richard Ellis (CBRE).
"Some overseas investors are expected to remain on the sidelines and wait for
a clear direction to emerge against the backdrop of present policy
uncertainties," said Ray Huang, a researcher with CBRE's Investment Properties
Department.
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