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Real Estate Prices Rise 12% in Shenzhen

Real estate prices in Shenzhen, Guangdong Province rose by 12.18 percent to 6,639 yuan (US$824.7) per square meter in the first three quarters of the year, although the city government had taken stringent measures to control the price increase, reported the Daily Sunshine on Tuesday.

Experts said the price rise was attributed to the developers' tactics of selling houses in different stages as well as in groups, suggesting the government need to strengthen price monitoring and safeguard consumers' interests. According to price law, selling a product in different stages implies price hike tax evasion.

A research report on the city's real estate development said the growth momentum in housing investments had slowed down in the first three quarters.

The total investment in real estate was 31.4 billion yuan in the first nine months of this year, 0.27 percent lower than the same period last year.

In the first three quarters, 23.69 million square meters of houses were constructed, 6.54 percent lower than the previous year, and the number of idle houses had shrunk to 1.39 million square meters, 26.5 percent less than the previous year.

The sale of houses in Bao'an District, a district outside the special economic zone, accounted for 29 percent of the total market.

Dr. Wang Feng with the Shenzhen Housing Estate Research Institute said Shenzhen should take measures to promote investment growth and guarantee development of the housing estate sector and its macro economy. He warned the government to be cautious in balancing real estate supply as the city did not have much housing left.

(Shenzhen Daily October 20, 2005)

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