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Chinanews, Beijing, Apr. 30 – Housing price in China will continue to rise this year, although it won't rise too fast. The housing price in Beijing won't fall after the Olympic Games.
The Chinese Academy of Social Sciences published the Blue Paper on Real Estate Market on Friday. The report says that since many low-cost houses and economical houses are launched into the market this year, housing price won't climb very much. In addition, low-rent houses and other housing projects that aim to increase house supply are expected to drag the high housing price down somewhat. In light of this, experts predict that in general, housing price growth rate might be kept below 5% this year. This means that housing price will continue to rise this year, yet the rate will become smaller than previous years. In light of the soaring housing price in Beijing, many experts predict that housing price will continue to rise in Beijing in future and the price won't fall after the Olympic Games. This is because in Beijing, demand for houses is always increasing. Every year, some 300,000-400,000 people come to work in Beijing from other provinces across China and these people need houses. In addition, many old houses in the city's downtown areas are being torn down and people who previously1 lived in these houses need to be relocated. At the same time, wealthy people from other provinces in China and foreigners in Beijing buy houses for investment. Local Beijing residents also want to buy and move to larger houses as their incomes increase.
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