Property prices rise 10% despite control measures

时间：2007-11-15 08:16:29

（单词翻译:单击）

Nov. 15 - Property prices in China's 70 large- and medium-sized cities jumped by 9.5 percent year-on-year last month, despite a down payment hike for those buying their second apartments, the National Development and Reform Commission (NDRC) said Wednesday.

 

The growth rate is 0.6 percentage points higher than that of September, which also saw accelerated growth.

 

Sale prices of new residential1 apartments rose by 10.6 percent on a yearly basis. Ningbo, Urumqi and Beijing led the price hike, with rates of 19.1 percent, 18.5 percent and 17.8 percent.

 

"The figure is within our expectations, as the government's latest restrained measures need time to kick in," said Qin Xiaomei, head of the research department of CB Richard Ellis (Beijing branch).

 

The central bank and the banking2 regulator issued a notice just before the National Day holiday that raised the down payment for property mortgage loans to 40 percent for those buying second apartments. Also, the interest rate of mortgage loans for second apartment buyers increased to 1.1 times the benchmark one-year lending rate.

 

On November 8, the NDRC and the Ministry3 of Commerce jointly4 released revised industry guidelines for foreign investment, adding constraints5 on foreign investment in real estate brokerages and existing housing transactions. And the development of common residential buildings was removed from the "encouragement category" in the new guidelines.

 

"But we believe the growth rate will flatten6 or slow down in the fourth quarter or in early 2008," Qin added.

 

Prices for pre-owned houses jumped by 8.7 percent last month - 1.1 percentage points higher than September. Shenzhen still tops the list in terms of price rises, with a growth rate of 21.41 percent.

 

According to Li Wenjie, general manager of Centaline China (North China region), factors that may influence the future trends of Beijing's property market include shrinking demand because of possible interest rate hikes due to October's 6.5 percent consumer price index, the increase of land supply and seasonal7 factors.

 

"The relationship between supply and demand remains8 the determining factor for the 2008 property market," Li said. "And the slowdown of soaring property prices largely depends on the supply of new land."

 
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1 residential kkrzY3     
adj.提供住宿的；居住的；住宅的
参考例句：
  • The mayor inspected the residential section of the city.市长视察了该市的住宅区。
  • The residential blocks were integrated with the rest of the college.住宿区与学院其他部分结合在了一起。
2 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
3 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
4 jointly jp9zvS     
ad.联合地，共同地
参考例句：
  • Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。
  • She owns the house jointly with her husband. 她和丈夫共同拥有这所房子。
5 constraints d178923285d63e9968956a0a4758267e     
强制( constraint的名词复数 )； 限制； 约束
参考例句：
  • Data and constraints can easily be changed to test theories. 信息库中的数据和限制条件可以轻易地改变以检验假设。 来自英汉非文学 - 科学史
  • What are the constraints that each of these imply for any design? 这每种产品的要求和约束对于设计意味着什么？ 来自About Face 3交互设计精髓
6 flatten N7UyR     
v.把．．．弄平，使倒伏；使(漆等)失去光泽
参考例句：
  • We can flatten out a piece of metal by hammering it.我们可以用锤子把一块金属敲平。
  • The wrinkled silk will flatten out if you iron it.发皱的丝绸可以用熨斗烫平。
7 seasonal LZ1xE     
adj.季节的，季节性的
参考例句：
  • The town relies on the seasonal tourist industry for jobs.这个城镇依靠季节性旅游业提供就业机会。
  • The hors d'oeuvre is seasonal vegetables.餐前小吃是应时蔬菜。
8 remains 1kMzTy     
n.剩余物，残留物；遗体，遗迹
参考例句：
  • He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
  • The remains of the meal were fed to the dog.残羹剩饭喂狗了。

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