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Chinanews, Beijing, Aug 25 – On Tuesday, the central bank announced that it would raise the interest rate for the fourth time this year. This was, in fact, out of many people's expectation. Based on the current situation, some insiders point out that the latest interest raise might produce a "limited" impact on the real estate market. The rapid rise of housing price has been pushed by the imbalance between supply and demand. So the interest raise might do little to help curb1 the housing price fever, these experts say.
On August 22, the People's Bank of China announced that it would raise the benchmark one-year deposit and loan interest rates by 0.27 and 0.18 percentage point, respectively. Previously2, the central bank had raised the interest rates in March, May and July this year. Faced with the rapid rise of housing price, consumers, who buy houses for living, would not delay their purchase plans. Rather, they might now consider buying a smaller, less expensive house to cut down the mortgage loans, said researchers at the market research department at 5i5j housing agent, one of the largest housing agents in China. The current interest rates are still low and previously the central bank only raised the interest rate by a very small margin3 every time. Therefore the interest raise will not bring any significant impact on real estate developers, a person in charge at a real estate company in Beijing told this reporter. At present, there is a price fever in the housing market. More and more people buy houses for investment purpose. The interest raise taken by the central bank might help cool down the investment fever in real estate market, some experts say. Faced with the rising interest rate, some housing speculators say that as long as the housing price can continue to rise, and as long as such price rise can bring them enough profits as expected, they wouldn't mind paying a little extra money for their investing activities. Large demand, short supply and rapid land resources rise are said as the three major problems existing in the current real estate market. Based on this year's situation, industrial insiders predict that in future, the government will mainly regulate the real estate market through financial means and interest raise.
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