Conundrums in the residential market

The price of urban residential housing continued to rise in April despite the central government's increasingly harsh price control measures and the supply of subsidized housing for low-income households.

Of the 70 largest cities, according to a government report on Saturday, 67 reported price rises for newly completed housing projects and 66 noted price rises in the second-hand housing market. The 70 cities have consequently seen a rise in the average price of houses for 11 months in a row, although the rate of rises has been somewhat dented.

Obviously there is still too much money wanting to enter the housing market in comparison with all the efforts to stabilize overall price levels. In a society in which material assets are most valued as part of a happy life, a new house, for many families, has become a must when their son is ready to get married - and it is often demanded by the future daughter-in-law's family to avoid losing face with their neighbors.