Chinese property becoming more affordable

The price of Chinese property in Shanghai decreased by 2.8 per cent on an annual basis in the second quarter of 2006, the China News Service has said.

However, while houses in Shanghai are becoming more affordable, overseas property investors who have already purchased homes in other areas will have seen a gain on their outlay, as Shanghai was the only one of China’s 70 major cities to see a decline in price.

In all of these cities the average house price increased by 5.7 per cent between April and June compared to last year, China Daily reports.

There have recently been attempts made by the government to cool investment in the Chinese property market.

Despite these, however, the growth rate in the second quarter of 2006 was still 0.2 per cent higher than that of the previous quarter.

Shanghai is one of the most popular areas of China for overseas property investors, as well as the country’s capital of Beijing.

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