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China's housing market recovers

(chinadaily.com.cn)
Updated: 2009-07-07 18:06

The Chinese housing market has rebounded to what it was two years ago, the Xinhuanet.com reported today, citing latest data.

Related readings:  Housing starts bounce back  China allocates 4B yuan to improve rural residents' housing  Housing sales surge hard to keep: Pundits  Govt data reflects housing market uptrend in May  Surge in housing sales elicits mixed reactions

According to the China Index Research Institute, the housing markets in major cities of the country has witnessed a strong rebound of demand over the past six months, with more active transactions.

Beijing, Tianjin, Chongqing, Wuhan and Hanghzou showed a 100-percent year-on-year jump in the rate of transactions. In Shenzhen, the figure exceeds 150 percent, according to the data.

It is believed that falling housing costs last year and added financial support to personal loans are two reasons for the boost in the market.