Housing Price in China has always aroused heated discussion among property developers and ordinary Chinese. To many property developers and local government officials, housing price in China is still low compared with many developed countries. However, the average housing price in the United States is only 8, 000 yuan per square metre, while in China, it is even higher than that in the United States. "This shows that there are some bubbles  in Chinese real estate  market," the International Finance News reported. Although the average price of residential houses in the United States, after changed to RMB, is about 8, 000 yuan per square metre, the houses in the US are not sold in terms of building area, as most Chinese property developers do when they sell their houses. If the US property developers sell their houses according to the building area, then the housing price will be even lower than 8, 000 yuan per square metre. In most big Chinese cities, such as Beijing, Shanghai and Shenzhen, houses are sold at a price even higher than those in the US. The high housing price in large cities in China proves that Chinese real estate market does have some bubbles. Moreover, Chinese houses cannot be compared with houses in the US in terms of building quality, environment and supporting facilities. Furthermore, it should be noted that American people's average income is several dozen times higher than that of Chinese people. How can the Chinese afford to buy a house which is even more expensive than that sold in the US? At the beginning of 2007, Chinese government issued a set of policies that aimed to benefit the public. Now in order to reduce the high housing prices, the government can regulate the real estate market by raising tax on property industry and controlling the release of loans and lands to property developers. Meanwhile, the government should allow people to build more houses through various fund-raising channels, such as funds collected from buyers or raised by working units. By applying these multiple means, it is expected that the high housing prices can be lowered and Chinese public can really benefit from the economic achievement. What is the passage mainly about?
The problem of high housing price in China and possible solutions to it. Different opinions on the problem of high housing price in China. A comparison in residential housing price between China and the US. The reaction of Chinese government to the bubbles in real estate market.