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China's housing price may down 5.3% in 2012: CAS

Jan. 18, 2012 (China Knowledge) - China's average housing price is expected to reach RMB 5,024 per square meter or US$794.4 per sq m in 2012, reflecting a year-on-year decline of 5.3%, said the Center for Forecasting Science of the Chinese Academy of Science or CAS, the national academy for natural sciences of China.

Dong Jichang, a professor at the center, noted that the Chinese government will continue easing the real estate bubbles with tight monetary policy to drag down the housing prices despite of several stimulating factors, such as the increasing household incomes, rapid urbanization and rising land prices, for the country's property market.

China will also keep implementing property tax policies to suppress speculation in the market, Dong added.

The central government does not rule out the possibility to expand property tax to Guangzhou, capital of Guangdong Province, and Nanjing, capital of Jiangsu Province, as well as some second and third-tier cities in Midwest China, China Knowledge reported earlier. Last year, Shanghai and Chongqing became the first two Chinese cities to introduce property taxes.

Statistics from CAS showed that China would sell 1.21 billion sq m of properties this year, up 3.2% from a year earlier. In 2012, the country's property investment is expected to increase 21.1% year on year to RMB 7.68 trillion.

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