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China's Housing Prices Nearly 30 pct Overpriced: CASS Report

SMM Insight 10:14:42AM Dec 09, 2010 Source:SMM

BEIJING, Dec. 9 -- A report by a leading think tank in China showed Wednesday that residential housing in the country's large and medium-sized cities is overpriced and in some cities is severely overpriced.

Ordinary commercial residential housing in 35 large and medium-sized cities is, on average, about 29.5 percent overpriced, the Chinese Academy of Social Sciences (CASS) said in its annual report on China's housing conditions.

Among the 35 cities, five see homes more than 50 percent overcharged, and 11 see houses 30 percent to 50 percent overpriced, said the CASS.

However, the projections might be exaggerated or underestimated due to the accuracy of the statistics provided by some cities, said the CASS.

The CASS said, in another report Tuesday, that China's housing price was expected to rise by 15 percent in 2010, down from 25 percent in 2009, but warned of "retaliatory price rebound" in 2011 if government measures aimed at cooling the market were relaxed.

 

China's Housing Prices Nearly 30 pct Overpriced: CASS Report

SMM Insight 10:14:42AM Dec 09, 2010 Source:SMM

BEIJING, Dec. 9 -- A report by a leading think tank in China showed Wednesday that residential housing in the country's large and medium-sized cities is overpriced and in some cities is severely overpriced.

Ordinary commercial residential housing in 35 large and medium-sized cities is, on average, about 29.5 percent overpriced, the Chinese Academy of Social Sciences (CASS) said in its annual report on China's housing conditions.

Among the 35 cities, five see homes more than 50 percent overcharged, and 11 see houses 30 percent to 50 percent overpriced, said the CASS.

However, the projections might be exaggerated or underestimated due to the accuracy of the statistics provided by some cities, said the CASS.

The CASS said, in another report Tuesday, that China's housing price was expected to rise by 15 percent in 2010, down from 25 percent in 2009, but warned of "retaliatory price rebound" in 2011 if government measures aimed at cooling the market were relaxed.