The ever-rising price of property in China has become cause of worry for an increasing number of people. Despite the measures taken last year to cool down the overheated real estate market, fewer people now believe that the prices would stabilize in the near future.

Property prices in 70 large cities last month rose at an average rate of 5.4 percent year on year, a National Development and Reform Commission report showed. Prices in Beijing, in fact, jumped 10.4 percent year on year, the second fastest growth among the 70 cities.

The skyrocketing realty prices have obviously dampened people's desire to buy a house in the near future. To check property prices from rising rapidly, the country implemented a series of macro-control measures in the last two years.

Last May, the central government banned the use of new land for luxury villas and reiterated that more land be made available for smaller, affordable housing.

In June, a statement issued by nine ministerial-level departments ordered that houses within 90 square meters should account for at least 70 percent of the planned real estate constructions, and raised the down payment to 30 percent.

The latest move came on January 16, when the tax authorities announced they would levy a land appreciation tax from next month on real estate companies.

Source:未知