Local housing prices will jump again this year, experts predict

As local concerns rise about the capital's skyrocketing housing price, nearly 40 percent of real estate tycoons were forecasting it will grow another 20 percent this year at Beijing's biggest property fair that began on Thursday.

"The situation is crazy. Apartments near the East Fourth Ring Road that were priced at 20,000 yuan per sq m two weeks ago are now 28,000 yuan," said Jiang Zixin, 28, a Chaoyang district resident who was among the first group of visitors to flock to the 2010 Beijing Spring Real Estate Trade Fair.

Official figures show that not one of the 60 Beijing property projects at the fair was offering a discount.