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Ordinary house buyers unhurt by revaluation

By Chen Hua (China Daily)
Updated: 2005-08-04 06:04

Ordinary housing consumers in China do not need to worry about the sizeable real estate price fluctuation caused by the recent renminbi appreciation.

People look at real estate project models at a housing expo in Nanjing, capital of East China's Jiangsu Province. Experts predict that the yuan revaluation will not have any negative impact on the ordinary residential housing market. [newsphoto]

However, investors in luxurious housing or high-end commercial buildings will have to be cautious when making their investments because experts say it will be hard for them to take advantage of the currency revaluation and gain quick profits on short-term investments.

The yuan revaluation will not have any negative impact on the ordinary residential housing market, said Pan Shiyi, a renowned real estate developer.

This is because raw materials for this type of property are mainly from the mainland and the house buyers are almost all domestic residents, he explained.

Meanwhile, the yuan raise would help reduce some building costs because the price of some imported building materials, such as steel, will be reduced, said Wang Chen, a senior analyst at DTZ Debenham Tie Leung (DTZ), a leading real estate consulting company.

About one-fifth of China's steel is swallowed up by real estate projects, and last year China imported 29.3 million tons of steel.

Pan also said after the government's announcement of the currency appreciation, many foreign property fund managers came to him to discuss investments in big cities like Beijing and Shanghai,

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