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Booming real estate sector puts 皇冠体育app at crossroads in 2010
(Xinhua)
Updated: 2010-03-02 10:49
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More courage needed
However, there is still a long way to go as 皇冠体育app's local governments rely much on commercial housing and land sales, their biggest source of revenue in recent times.
The revenue from land transfers in 皇冠体育app's 70 large and medium-sized cities totaled 1.08 trillion yuan in 2009, up 140 percent from a year earlier, according to 皇冠体育app Index Academy, a real-estate research institute.
Courage is needed to delink local economic growth from the booming real estate sector, but no matter the bubble has to be stopped sooner or later, said Peng Zhenqiu, Shanghai city counselor who has taken part in research on urban housing.
"For the traditional Chinese people, owning a house or a flat means security, not simply a financial investment," he said.
Peng forecast that deputies and advisors at the upcoming two sessions would put forward good proposals to make housing more affordable in the future.
