Comment from Web

Ten years too long to fix property market

According to Wang Hongju, mayor of Chongqing, young people in his city will be able to buy their dream home in only 10 years. Officials with the Ministry of Housing and Urban and Rural Development also painted a similarly rosy picture: two-thirds of Chinese families will move into new houses within 10 years.

At a time when housing prices are hovering at sky-high levels and many cannot afford to buy homes, such overconfident statements fail to address immediate housing problems.