The price of a new home in Harbin rose to 7,421 yuan ($1,112) per square meter in August, up from 7,128 yuan in July, according to data released at a summit on real estate data.

A total of 8,909 apartments were sold in August, a year-on-year increase of 50 percent.

Representatives attending the summit, held by the Harbin City Federation of Commerce and Industry, said that trends in Harbin’s property market look good, because of government policies and banks being willing to lend more money to buyers.

Sang Hong, chairman of the real estate chamber of the Harbin City Federation of Commerce and Industry, said that a series of state policies are proving favorable for the real estate market, including cutting the reserve requirement ratio and interest rates by the central bank (encouraging bank lending), the preferential policy on loan interest for first time buyers, and the two-child policy.

Meanwhile, local policies are also encouraging a booming house market, for example, since the Harbin new area and the Harbin comprehensive bonded zone were approved by the State Council, increasing numbers of people have bought homes in the two areas, Sang said.

At present, homebuyers can choose mortgages from more than 10 banks and enjoy a 15 percent discount. People only have to pay 20 percent of the total house price if they are buying their first house in the city.

Someone applying for a mortgage can get their loan with the appropriate documentation within three days, according to a member of staff at the Agricultural Bank of China.