China’s property prices too high, says survey

BEIJING: A high percentage, 72.2%, of mainland Chinese said that property prices are "too high to accept" despite government measures to cool the real estate sector, a survey from the central bank revealed.

Citing the third quarter survey results posted on the People's Bank of China’s website, Xinhua reported that the percentage increased by seven percentage points from a year earlier. The survey was carried across 50 cities in China.

The news agency also quoted the National Bureau of Statistics, which reported that property prices in 70 major Chinese cities rose 9.3% on-year in August, with the price of new homes rising 11.7% from a year earlier in August, while prices of second-hand homes rose 6.2%.

The central bank’s survey also revealed that 15.6% of respondents wanted to buy homes in the coming three months, down 1.5 percentage points compared with results a year earlier.

A total of 58.3% of respondents also said commodity prices are "too high", a drop of 0.6 percentage points from the second quarter. The study showed that 73.2% of respondents expected prices to continue to rise, up 2.9 percentage points from the second quarter.
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