The Problems of Real Estate in Tongzhou New Town

Tongzhou, a suburb of Beijing, plans to change itself into a green, liveable, new town this year. And this plan has contributed to the rapid development of the real estate. It is reported that there’s a monumental property bubble under way. As a resident there, I show much concern about its development. So I, together with some classmates, gave an interview to a clerk of the sales office in Tongzhou last month.

According to his introduction, house price has risen sharply recently. As for this community, the price has risen from less than 10,000 yuan per square meter to more than 17,000 yuan per square meter. And now it’s still on the rise. Now only one out of sixty people will buy a house. Most people prefer to rent one.

I think that on the one hand, the government’s policy on housing is blowing hot and cold because the investment in the real estate has contributed to the economic growth. On the other hand, it is due to the speculation.

The rapid development of the real estate in Tongzhou has midwifed a monumental property bubble, resulting in many vacant rooms and many who cannot afford a house.

Seen from this point of view, the problem of real estate is a big one in Tongzhou new town. It should be solved before Tongzhou may have a chance to become liveable.