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Is this right time to buy house now?

Xinhua  11:04, August 06, 2013  

Xinhua File Photo

BEIJING, Aug. 5 (Xinhuanet) -- As China's house prices continued rising in July, the eighth-consecutive month with fast growth, property market again becomes a hot issue.

In the latest issue “China Finance” magazine, Sheng Songcheng, Director of Investigation and Statistics Division of China Central Bank, wrote: “Some people say the high housing prices are ‘printed out’, this is not accurate. I rather say that high housing price was caused by ‘market hype’ instead of using the word of ‘print-out'.”

China's housing prices have continued to climb over past decade. In recent years, especially in some parts of China, unaffordable high house prices are considered crucial problem for ordinary people.

The average price of new homes in the 100 monitored cities reached 10,347 yuan ($1,688) per square meter in July, higher than the average 10,258 per square meter in June, up 0.87 percent from June and the month-on-month growth rate was 0.77 percent in June, according to China Real Estate Index System's figures.

Meanwhile, a recent quarterly survey of 350 real estate managers in 31 of China's big cities revealed that more than half of them said they will increase supplies in the third quarter and raise prices.

A meeting of the Political Bureau of the Communist Party of China's Central Committee on Tuesday vowed to "promote the stable and healthy development of the real estate market", as opposed to previous meetings’ "keeping the policy of real estate market regulation unchanged".

The subtle change made property market observers believe that the government will continue the policy of "no control". Also it triggered A-share market real estate sector rebound.

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(Editor:ZhangQian、Yao Chun)