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Apartment prices climb to new peak

By Zhan Lisheng (China Daily)
Updated: 2007-02-06 10:05

"Their purchases increased demand, which drove up prices."

He said apartment prices in Guangzhou would continue rising this year despite the possibility of dips after Spring Festival, which falls on February 18, and before May.

And he predicted that apartment prices would range from 6,800 yuan ($871) to 7,500 yuan ($961) per square meter this year.

Li based this prediction on the assumption that demand for residential apartments would remain strong.

He also said the price of smaller apartments those measuring less than 90 square meters would likely fall, lowering the average apartment price this year.

Some 90,000 residential apartments are expected to go on sale this year. Apartments with less than 90 square meters of floor space are expected to account for no more than half that amount.

(China Daily 02/06/2007 page4)