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China's urban housing prices up 5.5%

(Xinhua)
Updated: 2006-04-21 11:47

The housing prices in 70 large and medium Chinese cities rose by 5.5 percent compared with the previous year in the first quarter of 2006, the National Development and Reform Commission (NDRC) announced on Thursday.

Dalian, a coastal city in northeastern Liaoning Province, recorded a 14.9 percent increase, the highest among all the cities. It was followed by Hohhot in Inner Mongolia, Shenzhen in Guangdong Province, Chengdu in Sichuan Province and Qingdao in Shandong.

Only two cities, namely Shanghai and Wenzhou, recorded a decline in house prices. Prices in Shanghai dropped by 1.3 percent.

Prices for ordinary and luxury new houses in the 70 cities surged by 5.6 percent and 7.9 percent, respectively.

Prices for second-hand houses increased by 5.8 percent in the first quarter while housing rent rose by 1.4 percent.