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By Fu Jing (China Daily)
Updated: 2007-07-23 09:04

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Dai's study has found coal-mine owners to be the driving force behind rising property prices in cities such as Beijing and Hangzhou, capital of Zhejiang Province.

"These nouveaux riches have invested a lot in the property market, partly helping propel real estate prices in the past several years," Dai said. "We don't see any sign of the realty market cooling down partly because of their buying spree."

The income divide could widen further, Dai warned, because the value of their property has been increasing by leaps and bounds. "From this point of view, energy consumption has its special social implication in China."

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