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Housing problem reflects income gap
www.chinanews.cn 2007-07-12 09:20:44
Chinanews, Beijing, July 12 �C ��The housing price rise is still at a
reasonable range,�� said a report recently released by the Investment
Division of the Macroeconomic Research Institute at the State Development
Research Commission. According to the report, the housing price
difference is largely the result of the income gap in China, the Beijing
Business Today reported.
The report was made by Liu Lin, a SDRC researcher.
If one compares the housing price with the GDP and disposable income, one
will see that since 1998, the growth rate of prices for newly built
houses has been actually lower than both the GDP growth rate and the
growth rate of people's disposable income, when inflation is allowed for.
The growth rate of prices for used houses has not exceeded GDP growth and
the growth rate of people's disposable income for a very long time. This
indicates that the housing price rise has been boosted by the
macroeconomic development, and still within a reasonable range too, Liu
said.
From the results of investigation of people of different income groups,
it can be seen that the salary of the high income group has increased
fairly larger than that of the low income group. The middle and high
income groups have a sustainable capability to pay for housing. On the
other hand, the salary of the low income group has increased at a slower
rate than the housing price growth. Therefore people with low income can
not afford to pay for a house.
The People's Bank of China issued a questionnaire in the first quarter of
2007. The poll shows that the desire of people with a family income of
less than 2,000 yuan a month, for a house has declined year on year. As
people's family income increases, such desire becomes stronger. For
people with a family incomes range of 2000-5000 yuan and 5000-10,000
yuan, such desire becomes strongest. The survey shows that 43.6% and
22.1% of the people in these two groups, respectively, plan to buy a
house in the next three months, which accounts for 65.7% of all people
that want to buy houses.
��In light of this, we think that the housing price problem is the result
of the income gap among different people. Improving the housing guarantee
system and streamlining market competition environment have thus become
the two indispensable ways in solving the issue, �� Liu noted.
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