China Social and Sciences Academy experts say house prices will come down 40-50%
Posted on Apr-06-2009· by china investor
China Social and Sciences Academy experts say house prices will come down 40-50%
Beijing has massive housing stock, because house prices are too high, resulting the idle housing in Beijing is now about 10,441,000 square meters. in April, there have 10 new sites listed in Beijing market, in February and March ther are 10 listed new building. Beijing Social Sciences Academy, Deputy Director of the Sociology Institute,Dai Jianzhong said that “experts usually think the reasonable ratio of country house price to the family annual income is 3:1 to 6:1. in Beijing in 2007 the average annual disposable income of households is 65,967 yuan.when the average house price is 15,162 yuan per square meter at the end of the year , 100 square meters in accordance with the average terms, the ratio of the price to income is 23:1,which is much higher than the standard 3:1 to 6:1. “Chinese Academy of Social Sciences,Chao haijian believe that the economic growth situation does not support housing prices rising, income levels and income growth also do not support housing prices rising, the level of urban property prices in China still have 40% to 50% of price falling space.
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