First-tier cities could see boom in real estate

China's first-tier cities are likely to experience a real estate boom, and analysts believe the property market is off to a well-grounded start this year as property group China Vanke Co plans to raise its property prices in Beijing. Vanke, China's largest residential developer by revenue, will increase the prices on two projects in southern Beijing, according to a project introduction advertisement by the company.

However, it did not disclose the range of increase.

In Shanghai, meanwhile, the average price for new homes has grown by more than 10 percent in the past two months, from 42,300 yuan ($6,470) to 47,000 yuan per square meter, as demand remains robust with supplies going fast, according to data from real estate information platform anjuke.com.