Expert: Land bidding system not to blame

Some analysts attribute surging property prices in China to the land bidding system. They say the system drives up land prices, which in turn increases property prices. However, Yan Jinming, an expert from the China Land Science Society, argues that the land cost only makes up 20 to 30 percent of a property's total cost.

He believes that more supply of land and a crackdown on speculation can curb the rising property prices. Yan also believes more land should be offered to build social welfare housing, affordable homes and low rent housing to bring down prices.

Yan Jinming, expert, China Land Science Society, said, "Both demand and supply should be controlled. We should provide more land to encourage developers to build more, and on the other hand we should crackdown on speculation on properties. In other words, we should take measures in both ways."