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Since the beginning of the year, property prices in the first-tier cities of the Chinese mainland have soared.
In Shenzhen the price of an apartment rose 300,000 yuan ($46,150) in one day. In Shanghai an 80,000-yuan per meter residential development sold out within a day.
Experts say many reasons contribute to the overheating in the real estate market in the first-tier cities such as Beijing and Shanghai.
For example, on the one hand, the easing of restrictions on property purchases has reduced the threshold for homebuyers and thus stimulated the real estate market. On the other hand, in first-tier cities demand still exceeds supply so it is still pushing up prices.
In addition, the soaring prices are actually fuelling demand as people are worried that if they don't buy now the price will be much higher in the future.
However, the soaring realty prices have once again become a focus of local authorities' attention, and they are expected to introduce measures to help curb the trend.
