Housing rents continue to rise

Nationwide housing rent had increased 42 consecutive months as of the end of July, and the rental index of Shanghai has surged 37 straight months, the National Bureau of Statistics said.

Similarly, housing rent in Guangzhou, the capital of Guangdong province, rose 6.9 percent month-on-month in July, and is up 17 percent year-on-year. Rental rates in the main districts of Beijing was up 8 percent compared with the previous month, the Shanghai-based Metro Express reported on Thursday.

Rents will continue to rise the next one to two decades, said Xue Jianxiong, an analyst from China Real Estate Information Corp.

Xu Shaoshi, head of the National Development and Reform Commission, said in a report delivered in a National People's Conference Standing Committee meeting on Wednesday that China will have pilot property tax programs in more cities. Finance Minister Lou Jiwei delivered a similar message in a speech at the meeting.