Worrisome house prices

A strong rebound of the property market should have been much anticipated as part of China's efforts to boost investment growth to fight the global recession.

However, since housing prices in major Chinese cities such as Beijing and Shanghai are rapidly approaching record levels, the recovery of the property market appears to have happened worryingly fast.

Worse, some people even predict that the average price of new houses in Shanghai could jump by another 20 percent this month to record a new high.