(CBN Global) March 23 -- Beijing has been controlling excessive real estate price increases and gains are within a reasonable range so far this year, the city's deputy mayor said.
The 11.3 percent rise since the start of this year "is not the highest," Mr. Li Shixiang said in an interview with reporters at the Boao Forum for Asia held in Hainan province.
As of this month, prices of non-new build homes in the nation's capital have surged by 30 percent over the past 12 months, according to data from China Business News Research Institute. An 11-square meter property located within a school district is priced at the equivalent of 20 kilograms of gold.
Beijing ranks No.10 among the world's priciest housing markets. Prices there, and in China's biggest city Shanghai, have increased by almost five times over the last 10 years. Prices in Shenzhen have jumped six-fold.