By Hao Zhou (chinadaily.com.cn)
Updated: 2007-07-04 14:57

According to the latest survey by the China Consumers' Association, the current housing prices far exceed consumers' expectations and most citizens don't think the high prices would fall anytime soon.

The survey was conducted in 218 common residential communities and housing projects in 12 large Chinese cities including Beijing, Shanghai, Chongqing, Dalian, Shenzhen and Hangzhou.

Statistics showed that 64.2 percent of consumers regard fair housing prices ranging between 2,000 and 5,000 yuan per square meter. Among them, 24.1 percent choose 3,000 to 4,000 yuan as a reasonable pr

Related readings:  Owning a home 'the most important' Housing, a too heavy burden  Don't hold breath for property supply drop  Property price growth in May quickens; Up 6.4% on year

ice for each square meter, 22.5 percent will be satisfied with 2,000 to 3,000 yuan per square meter and only 17.6 percent accept paying 4,000 to 5,000 yuan per square meter.

Although there is a significant gap on acceptable housing prices, most of the consumers are not satisfied with the current real estate price level in their own cities. As for Beijing, 84 percent of those surveyed will accept a housing price under 6,000 yuan for each square meter. However, figures from the National Bureau of Statistics show the average housing price in Beijing reached 7,310 yuan per square meter at the end of last year.

At the same time, about 60 percent of the people surveyed believe that housing prices will keep rising, and only 25.6 percent believe there will be a decline. Some 12.6 percent of the interviewees predict that the real estate price growth rate will accelerate, 17.2 percent believe it will maintain its current momentum, and 31.2 percent think the price will continue to rise but at a lower speed.

Additionally, the integrity of the entire real estate industry is falling due to opaque housing prices and developers' dishonest advertisements, as well as nonstandard property management fees.