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Price tag for land in Beijing soars

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According to Kwok, China's property prices are likely to stabilize in 2010 after a stronger-than-expected rebound last year. "In cities where the price has soared more than 50 percent in 2009, a price adjustment may occur, but a tumble is not likely to happen given that demand remains robust," he said.

The marketing manager of a medium-sized property developer told China Daily his firm raked in 2 billion yuan last year, far exceeding its target of 1.5 billion yuan. Therefore, the firm is in no rush to sell new apartments.

China's major cities saw a uptick in real estate sales last week after experiencing a drop in transaction numbers triggered by the government's tightening of property policies, according to a report from the China Index Research Institute.

In 32 key cities monitored by the Institute, 20 saw an increase in property sales over the previous week, with sales in Guangdong province's Dongguan up 150 percent, Zhejiang province's Zhoushan up 70 percent and Sichuan province's Chengdu up 75 percent.

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