2010-03-29 13:44

China's overall property price will climb 3.3 percent to 6 percent this year, with the first-tier cities experiencing an adjustment in the fourth quarter, China Real Estate Index said in a report over the weekend.

Property prices in the country's second-tier cities, however, will rise steadily and at a growth rate of 5 to 10 percent, said Huang Yu, deputy director of China Real Estate Index, a leading property research institute.

Meanwhile, China's soaring property prices last year is closely linked with credit expansion, according to the institute's calculation.

"The average property price in the country grew 23 percent last year, among which 10 percent was contributed by banks' extra lending from the 4 trillion yuan stimulus package," Huang said.