Beijing ( CNN ) -- Cui Shufeng is a retired government worker in Beijing . She is one of the lucky homeowners who bought her place long before the housing sector galloped out of reach for the average Chinese salary worker . `` It is ridiculously high , '' she says pointing to apartments in her neighborhood . `` These homes near the school here are CNY 70,000 ( USD $ 11,400 ) per square meter . It 's not even worth 7000 yuan ( USD $ 1140 ) per square meter because it 's not even good quality . '' Her concern is on the radar of the central leadership that is expected to discuss economic reforms at the plenary session starting Saturday . For Chinese leaders , the property sector is an emotional and political hot potato . The dream to own a home is a far out of reach for tens of millions of Chinese citizens . In the latest housing data , new home prices for September rose at the fastest pace in almost three years . In Beijing , new home prices were up 16 % , Shanghai 17 % and Shenzhen 20 % from a year ago . `` The problem is Chinese people have very few investment vehicles . They 've lost trust in the stock market so they turn to real estate , '' says Xu Si Tao , China Director of the Economist Intelligence Unit . Xu says the central leadership needs to make bold steps in financial reforms to give citizens more options to invest their money . One measure China is considering is to allow banks to set their own interest rates , creating more competition . I was in Beijing two weeks ago and visited a luxury villa compound . It was a large site with tens of dozens of completed but mostly empty villas . A worker in the sales office told me the average home was priced at CNY 23 million ( USD $ 3.8 million ) and most were sold . He said half were owner-occupied ( though I saw very little sign of residents ) and the other half purchased as investments . I was told the supermarket in the center of the compound was open and often used by residents . It was clearly still under construction . When I pointed this out , I was then told the grand opening would be next year . Message : The bubble is alive and growing . These villas are a pretty -- and by most appearances , empty -- place to park money . Cui shakes her head at the dilemma facing the government . She does n't believe recent curbs will work like a ban on third home loans in Shanghai . `` I do n't think home prices will drop sharply because our economy is still doing okay , '' she says . `` Our child bought a home in the U.S. recently . The price was about the same as a flat in Beijing , but the area is a lot bigger and the quality is much better . ''
Despite Beijing moves to cool the property market , prices continue to rise . Comment: Economist : `` The problem is Chinese people have very few investment vehicles '' Central leadership expected to discuss reforms at the plenary session starting Saturday .