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Real estate too unreal, says survey
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MORE than half of Chinese savers believe property prices are currently “too high to accept,” according to a quarterly survey by the central bank.
A total 53.7 percent of the respondents considered the surging price of real estate is beyond their reach, up 0.3 percent from the end of last quarter, the People’s Bank of China said yesterday.
There has been a house buying frenzy in China. Chinese banks issued 949 billion yuan (US$142 billion) in new yuan loans last month, the central bank said last week, with more than half of them were funneled into home buyers’ hands.
Based on a database of 20,000 savers from 50 cities nationwide, the survey also said half of respondents considered that commodity prices in the past three-month period were too high.
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