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government said Monday, triggering fears of emerging asset bubbles. In the
first seven months of the year, sales of all property were up 60.4 percent
from the same period a year ago, while housing sales increased by 65.3
percent, the National Bureau of Statistics said in a statement on its
website. "The real estate market has entered into a quite sensitive period
now and bubbles have risen in some regions," Qin Rui, an analyst with house
agency 5 j5 j in Beijing, told AFP. "In Beijing, house prices have far
exceeded affordability for most residents," he said. Property prices
elsewhere in China picked up further in July, official figures also showed
Monday, as the effects of government stimulus efforts gained strength.
Prices of real estate in 70 major cities jumped by one percent year-on-year
last month, the statistics bureau said in another statement, issued with the
National Development and Reform Commission. That followed a 0.2- percent
rise in June. Until then the index had slumped for six months since
December, as it was hit by previous government attempts to rein in prices as
well as the global economic crisis.
