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Beijing property prices predicted to be steady in 2010, according to analysts
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Residential property prices in Beijing are expected to maintain a steady course during 2010 and the city’s mayor has promised not to use administrative measures to intervene in the market.
Mayor Guo Jinlong is in favour of letting the real estate market find its own price levels and said the city would not introduce administrative measures to push down property prices.
The pledge is the first of its kind by a mainland China city mayor and reflects the dilemma facing local and city governments when it came to the issue of curbing demand for property, agents said.
‘They are in a dilemma. On the one hand, strong land sales will give a boost to the city government’s revenue. But on the other hand, high land prices will push up home prices, possibly creating an asset bubble that they do not want to see,’ said Li Wenjie, head of Centaline Property Agency’s Beijing branch.
Land sale revenues for China’s local governments rose more than 60% last year as the country’s real estate market surged and some analysts have warned of the dangers of a property bubble.
The pledge is the first of its kind by a mainland China city mayor and reflects the dilemma facing local and city governments when it came to the issue of curbing demand for property, agents said.
‘They are in a dilemma. On the one hand, strong land sales will give a boost to the city government’s revenue. But on the other hand, high land prices will push up home prices, possibly creating an asset bubble that they do not want to see,’ said Li Wenjie, head of Centaline Property Agency’s Beijing branch.
Land sale revenues for China’s local governments rose more than 60% last year as the country’s real estate market surged and some analysts have warned of the dangers of a property bubble.
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