Deep Skepticism over Official Property Price Data

Last year, property prices in China's 70 big-and-medium-sized cities grew by 1.5 percent year-on-year, according to the 2009 Statistical survey released by the country's National Bureau of Statistics February 25.

However, previously disclosed data showed that 2009 prices were on the rise for seven months in a row and last December, it soared by 7.8 percent over the same period of 2008. 1.5 percent sounds too small for the reality.

Yu Bin, director of the Department of Macroeconomic Research under the State Council, said during the first 11 months last year, residential housing price averages reached 4,600 yuan per square meter, a 1,000 yuan per square meter rise over that of 2008. Property price increases in 2009 were the highest ever seen since the initiation of housing system reform in the 1990s.

(Translated by GC)