BIZCHINA / Top Biz News |
New house price in big cities keeps soaring(Shanghai Daily)Updated: 2007-01-19 14:45 The average price of newly built commercial homes in 70 major cities rose 6.3 percent last month compared to a year ago, up 0.5 percentage point from November, according to China's top planning body. New commercial apartments are 10.4 percent more expensive in Beijing, according to the statement issued by the National Development and Reform Commission on its official Website. The price in Shanghai was almost unchanged, down 0.1 percent from a year ago. The new house prices last month in other big cities, such as Qinhuangdao, Shenzhen and Fuzhou, also increased by at least 8 percent from a year ago. The growth in Qinhuangdao even reached 11.8 percent, compared with December 2005. Investment in China's real estate sector surged by 24 percent on a year-on-year basis in the first 11 months of 2006, earlier reports said. China will soon enforce a land tax as the country's property boom is showing no sign of slowing down. The move is an attempt by the central government to cool off the market by targeting real-estate developers. The State Administration of Taxation said on its Website that it will begin to formally levy the value-added tax on land – 30 to 60 percent of developers' net gains from property deals -- effective February 1. (For more biz stories, please visit Industry Updates)
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