“The balance of real estate supply and demand in China now, is not like years before. People keep buying houses as if from a plan.” Mr. Jin explains as he points to new homes he is currently selling.
Property in China underwent a period transformation from the unified allocation to market-oriented operation during Chinese economic reform.
The market started here in 1998 when the average per capita GDP in China reached US$821. In 2003, it picked up pace and has continued to grow at a steady rate since then, according to the study released in China Market in 2012.
By 2030, the GDP per capita average is expected to reach US$8,000 which should guarantee the real estate industry continues to rise at a steady pace over the next 15-20 years.
Meanwhile, the total investment in real estate development surged from 1% of GDP in 1986 to 14.5% in 2007, and has since stayed within a reasonable range of 10%~14%.
“Right now things have slowed a little as we are going through a bit of a wait-and-see stage, but I think it is also a result of the stabilized supply and demand.”
By investing in a new high-end villa community that is still being built, Mr. Jin demonstrates his confidence in China’s property market. “I believe the market is going in a right way, I think China’s property market will have sound and long-term development.”
Share your stories of change in China @CCTVNEWS or via firstname.lastname@example.org.