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��Home>>Business
Housing price in Beijing may decline after Olympics
www.chinanews.cn 2007-07-03 09:26:12
Chinanews, Beijing, July 3 �C According to a recent report released by
the Beijing Olympics Economic Research Institute, the housing price in
Beijing will decline after the Beijing Olympic Games, the China Business
Times reported.
Beijing's successful bid for the Olympic Games has greatly pushed up the
housing prices in the city. The housing reform undertaken in Beijing and
the successful bid for the Olympic Games have triggered a round of
investment activities in the property market. At present, such investment
has become overheated and there are great bubbles in the real estate
market in Beijing, said the report on "The 2008 Beijing Olympic Economy".
The report cites an array of figures to prove that since Beijing won the
bid to host the Olympic Games, investment activities have surged in the
property market in Beijing. However, at present, such investment
activities have already become overheated.
It says that most of the new residents in Beijing are non-natives who
have moved to Beijing from other regions. Related figures show that in
2005, every household consisted of an average of 2.8 people. Based on
this standard, it is estimated that by 2012, there will be 200,000 new
families in Beijing. These new families will require 20 million square
meters of living space, a figure that is far below the actual floor space
of commercial houses currently being constructed. In light of these
figures, the report concludes that the real estate market in Beijing has
already become overheated.
The report infers that in recent years, the construction speed of new
houses has far exceeded the population growth in Beijing and people��s
demand for houses. Property developers overestimated people��s demand for
houses after Beijing won the bid for the Olympic Games. As a result,
there is an oversupply of houses in Beijing now.
Although supply of houses has already exceeded the demand, in Beijing the
housing price has not fallen. On the contrary, it has continued to rise
in recent years. At present, the housing price in Beijing has remained at
a high level, which is far beyond local residents�� affordability.
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