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Soaring home prices lead Dandong into spotlight

08-03-2011 08:16 BJT

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Since China instituted its harshest-ever policy curbs in May, trading volume has been reduced sharply in big cities. But they have failed to cool down the property market in middle and small sized cities.

Dandong in Northeast China's Liaoning Province has been in the spotlight recently. The city's housing price rise has been at the top of the country for the last three consecutive months. Housing prices rose 10 percent in May alone.

A home seller said, “Last year, our housing price was 32-hundred yuan per square meter. It rose to 4 thousand this year.” “Last June, the price was 3 thousand, now, it's 35 hundred.”

Improved infrastructure in the new city center is the main reason for the rush to buy property there. Low average housing prices are another reason behind the trend. The average residential property price is 32 hundred yuan per square meter, which is far lower than the national average.

Shi Jun, vice head of Dandong Property Right Bureau, said, “The housing price in Dandong didn't rise much in 2009 when the country's property market saw a giant leap. So this year's price hike is slightly behind the times.”

Shi Jun also says a construction cost increase caused by inflation also contributed to the price hikes.

 

Editor:Zhang Dan |Source: CNTV.CN

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