China bank survey finds property prices "hard to accept"

A survey of 20,000 households in 50 different cities by the People’s Bank of China found that 68% said prices were too high, the highest percentage since the fourth quarter of 2011, Bloomberg reported, citing a PBoC statement. More than 34.4% said that prices will rise in the coming three months. In February, new home prices posted the largest increase since December 2011, despite government measures to cool the housing market. In his last days in office, Wen Jiabao responded to price increases by saying the central bank’s local branches could raise down-payment requirements and interest rates for second mortgages in cities with excessive price gains.