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Red hot realty puts off buyers

Developers have been using innovative strategies to boost property sales.

Sizzling property prices have provided the much-needed prop to the nation's economy but at the same time proved a bane to most of the end users as they have turned too pricey, according to industry experts.

So much so that owning an apartment in most of the major Chinese cities is slowly becoming a dream as the skyrocketing prices have made realty virtually unaffordable.

For many like Kong Lin, a furniture salesman, it has really become a matter of grave concern. The Bejing resident is frustrated and depressed as his girlfriend has threatened to leave him if he is not able to acquire a flat by the end of the year.

And that is a daunting task, says Kong. To buy an 80-sq-m apartment in Bejing within the Fourth Ring Road, he needs to cough up 1.5 million yuan ($0.2 million), or at least make a down payment of 450,000 yuan, and pay the rest in monthly installments of 6,000 yuan spread over the next 30 years.

But with his monthly emoluments just around 7,000 yuan, he just cannot afford to buy a place of his own.

Kong's problems are manifest in most of the other Chinese cities also after the recent increase in property prices.

The total property value in the country could touch 90 trillion yuan at present, triple the country's total GDP on a cumulative basis, according to China Securities Journal.

Analysts said the government would find it difficult to cool the hot property as it is the mainstay of the economy.

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 Source : China Daily  Editor: Ivy
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