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Chinanews, Beijing, Dec. 26 – In 2006, Chinese government has issued a series of regulations on lowering high housing price. In spite of government efforts, housing price has kept rising steadily1 in cities like Shenzhen and Beijing. Although Chinese central bank and other financial institutions have constantly warned about the unhealthy state of Chinese real estate market and potential financial risks, the warnings appear ineffective.
Statistics show that in November, the average price of newly built commercial houses in China was 5.8% more than last year. In Beijing, the rising rate exceeded 10% for the sixth consecutive2 month. Because of the high housing price, more than 30% of house buyers have become “house slaves” since their housing loans have accounted for over half of their total income. About 100,000 native Beijingers have bought houses in neighboring Hebei Province. Analysts3 say that in China, the ratio of housing to people’s income has far exceeded related international standards. It is usually said that under normal conditions, housing payment should be 3-6 times people’s income. Information from the Japanese Real Estate Research Institute shows that in 1990, when economic bubbles were then the serious in Japan, housing payment was 7-8 times Japanese people’s income and in Hong Kong, housing payment was 11 times that of people’s income level in 1997, when housing price hit the highest point then. In Chinese mainland, however, related information shows that during the third quarter of 2006, housing payment was more than 12 times people’ income. Analysts point out that the housing rental4 fees in Beijing have started to drop. At the same time, some speculators are trying to further push up the housing price. In the next two to three years, Beijing real estate market might enter into the period of readjustment. On December 8, the central bank issued a financial stability report for the year, which, for the first time, warned about the financial risks that could be brought by the dropping housing price.
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