Prices of luxury homes keep climbing in Shanghai. Today’s editions of China Daily report that one house in Shanghai’s Forbes Park estate sold for about 190,000 yuan per square meter. For the 700 square meter house that was purchased, that means the price was more than 1.3 million yuan.

It is an all-time high for residential properties in Shanghai, nearly double the earlier record of 100,000 yuan per square meter for Tomson Riviera apartments. These record prices are being reported despite the government’s warning about overheating in the property market in China.

The annual average disposable income of Shanghai residents in 2008 was 26,675 yuan. That means it will take seven years' income for someone to buy a single square meter in the complex.

Most of the tenants in the complex are from Hong Kong and Taiwan, plus a few expatriate executives in multinational companies, said a saleswoman at the estate's sales office.

The up-market area is particularly favored by Taiwan industrialists and Hong Kong investors. The salesperson at Forbes Estate said that a total of 18 villas have been sold and the apartments in the two tower blocks have either been sold or are for rent.

"The units are too expensive for most Chinese, but not for those who are used to luxury accommodation and high living overseas," said an analyst with E-House (China) Holdings Ltd.

Property prices in Shanghai and in most other major mainland cities have risen to levels fewer and fewer people can afford. More than 80 percent of urban residents cannot afford to buy homes, according to the latest report from the Chinese Academy of Social Science.

The central government this month introduced various measures to moderate the property prices, including tighter mortgage conditions policies for second-home buyers.

Questions:

1. What is the record price of luxury real estate per square meter reported in Shanghai?

2. Why can’t the average Shanghai resident afford high-priced luxury apartments?

3. What is the government doing to make housing more affordable in China?

Answers:

1. The record price was 190,000 yuan per square meter paid for a luxury villa village at the Forbes Park estate in Shanghai.

2. The average Shanghai resident in 2008 had 26,675 yuan in disposable income. That means it will take seven years of income to be able to buy a single square meter of property at the Forbes Park estate.

3. The government is making it tougher for those who already have a home to buy a second piece of property. This is to stop second-home buyers from driving up the prices beyond the range of first-time homebuyers. The government is implementing tighter mortgage requirements for second-home buyers.

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About the broadcaster:

Renee Haines is an editor and broadcaster at China Daily. Renee has more than 15 years of experience as a newspaper editor, radio station anchor and news director, news-wire service reporter and bureau chief, magazine writer, book editor and website consultant. She came to China from the United States.