China's commercial housing market has expanded dramatically over the last two decades，propelled by migration to the cities and rapid urbanization. Property development has become an important driver of economic growth. But China has also experienced a persistent case of real estate fever. In the past three years，the swings in China¡¯s property market have been particularly pronounced. Efforts to hold back prices have been in place for some time. Have property prices reached a turning point? What are the financial risks in the property market? How can we implement market controls that keep prices from climbing out of reach?

Zhong Wei，deputy editor-in-chief of China Forex magazine，speaks to Zhang Ming，chief economist of Ping An Securities，and Dong Fan，a professor at the School of Management of Beijing Normal University.

Zhong Wei: Welcome to this round table discussion. China's real estate sector has attracted huge amounts of investment funds and prices have soared over the last two decades. Is it true that housing prices in China’s first-tier cities are higher than those of big Western cities? Could you compare prices in the central areas of first-tier cities，such as in Beijing，Shanghai，Guangzhou and Shenzhen，and those of the world metropolises such as New York and London? How do you view the markets in China's biggest cities?