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Li Hongjun, a chartered professional accountant, believes that the high inflation in August is expected to be temporary and will fall back next spring. Even if the central bank raises interest rates in July next year, the advantage is to reduce the willingness to enter the property market, so that house prices can cool down.
Li Hongjun pointed out that the rise in inflation is affected by a variety of factors, with 4.1 per cent in August following 3.7 per cent in July. The main reasons for the year-on-year increase in inflation include the increase in the price of new cars to 7.2%, furniture 8.7%, new house prices 14.3%, meat 6.9%, passenger accommodation 19.3% and gasoline 32.5%. Excluding the increase in gasoline, inflation is 3.2%.
He continued that the current disruption in the supply chain had led to a rise in the price of materials, including agricultural products and meat supplies. This is expected to be temporary and will be alleviated in the coming months. Even if it is not fully achieved, it will be relieved gradually.
Although the owner submitted a letter from a real estate agent who gave his “thoughtful opinion” that the house was worth 3.875 million yuan, the appeal board was still unconvinced.
Mr Divig acknowledges that valuation is not an exact science, but says the 2021 valuation of the house appears to be within the range of value allowed by the assessment.