Tuesday, July 20, 2010

Beijing flat prices rise to 22 times income levels: report

(BEIJING) A typical Beijing flat costs about 22 times average incomes in the city, state media said yesterday, highlighting the challenge China faces providing affordable housing amid a property boom.

A 90-square-metre apartment in Beijing cost 1.6 million yuan (S$325,331) last year, the China Daily said, citing an independent report. That compared to an average household disposable income of around 71,000 yuan in 2009, according to city figures. The report was completed by the Beijing University of Technology and the Social Science Academic Press.

It said the building of low-cost, government-subsidised housing had failed to meet demand and called on policy-makers to increase the supply of land for such projects.

Authorities in China have issued a slew of measures in recent months aimed at preventing the property market overheating and causing a bubble that could derail the world's third-largest economy. Chinese property prices in June fell 0.1 per cent from the previous month, their first monthly fall since the first quarter of 2009, according to official data. -- AFP

Source: Business Times, 20 Jul 2010

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