BOAO, Hainan, April 24 (Xinhua) - Although Chinese real estate developers have made huge profit from the fast housing price growth last year, they expressed their hope at the annual conference of Boao Forum for Asia (BFA), which closed Sunday, that the price hike will slow.

   The average housing price in China witnessed a 14.4 percent increase last year, official statistics showed. In big cities such as Shanghai, the average housing price for one square meter has exceeded 10,000 yuan (1,200 US dollars) and some residential apartments see their price grow by 20 percent within just a couple of months.

   "However, I prefer to do business in Beijing," said Feng Lun, Chairman of Vantone Group, one the biggest property developers in China, "as I hope the housing price grow steadily so that we can make profits every year."

   The property developers hate to admit that bubble already exists in the property market of some major Chinese cities, said industry analysts here.  But their hope for the slowdown of the price hike reflect their fear for the bubble burst.

   To stem the fast growth of housing price has been on the top of Chinese government agenda. Chinese premier Wen Jiabao said in March that the government would take "effective measures" and an executive meeting of the State Council last week reiterated the government's stance.

   The central bank has raised the interest rate of the private housing loans to curb housing speculation. Shanghai, the city with highest housing prices in China, recently required the property owners to pay off their loans before selling the houses to others.

   "All the above means have started to cool off the market," said Liu Xiaoguang, President of Beijing Capital Group. "Though the effect has not been very obvious, the market is turning rational."

   Property developers made suggestions to the government macro-control measures at the forum. Liu said that the government should allow the property developers to expand their financing channels after the commercial banks tightened the development loans to them.

   Feng said that the government should leave more room for the real estate market to develop on its own. It should not put so many restrictions on commercial banks and property developers.

   Although the property developers showed their optimism about the Chinese property market in the coming 15 years, holding that the housing prices will continue to grow. They are also very cautious of the possible price drop in certain cities.

   Hainan province, where BFA was held, has experienced the housing bubble burst in the early 1990s. The unfinished buildings left from a decade ago still stand on the streets of Haikou, capital of Hainan, reminding people of the danger of blind investment.

  Property developers attending this forum mostly started their business in the real estate industry ten years ago and have witnessed the bubble burst back then.

   "A rational property market is mutually beneficial for both customers and property developers," said Feng.  Enditem