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National News
Posted On: 2009-12-10
The surge in China property prices picked up pace in November, after values rose at the fastest pace in 16 months, the government announced today.
There are now growing concerns that a property bubble is being formed in china’s real estate market.
China property prices in 70 medium and large cities increased 5.7% in November compare to the corresponding month last year, the largest hike since July 2008, according to data provided by the National Bureau of Statistics.
With growing concerns a property bubble is building up, the government is expected to try and rein in on rapidly rising values next year, to avoid another economic crisis.
The residential property price-to-income ratio (based on the average price of a home in China) - is expected to hit 8.3 in China this year, according to the Chinese Academy of Social Sciences. The think tank said a rational range is between three and six.
courtesy: homeoverseas UK
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