Property prices up 6.3% in major cities in 2nd quarter
Updated: 2007-08-14 16:02
Property prices in China's 70 large and medium-sized cities rose 6.3 percent in the second quarter from a year earlier despite government efforts to cool down the market.
That was also 0.7 percentage points higher than the growth rate in the first quarter, according to a survey conducted by the National Development and Reform Commission and the National Bureau of Statistics.
The survey found Shenzhen, Beihai, and Beijing led the county in terms of price increases, with growth rates of 14.3 percent, 12.5 percent, and 9.5 percent respectively.
Beihai, a small city at the southern end of South China's Guangxi Zhuang Autonomous Region, topped the list with a growth rate of 18.1 percent, reflecting strong growth in prices in second- and third-tier cities.
Shenzhen and Beijing were among the top four cities in terms of price hikes, with growth rates of 12.5 percent and 10.3 percent, respectively.
Ordinary and high-end housing prices rose 6.8 percent and 7.1 percent, respectively, while affordable house prices rose 1.4 percent.
Prices of second-hand houses jumped by 6.9 percent, 1.7 percentage points higher than that in the first quarter. Shenzhen saw a price rise of 14 percent, Beihai a rise of 12.7 percent, and Beijing 9.4 percent.
Non-residential property prices grew 5.2 percent, up 0.4 percentage points from the first quarter.
In the second quarter, land transaction prices rose 13.5 percent compared to the same period of last year. The cost of land for residential housing surged 16.2 percent, 7.3 percentage points higher than the first-quarter level, while prices of land for tourism and entertainment went up 8.9 percent.
Between April and June, home rentals also went up by 2.5 percent, and prices of property management services rose 0.3 percent.
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