It's official: property prices in China are going through the roof. Over the last few years house prices have been growing exponentially, and a recent report from global real estate firm Cushman and Wakefield says China's commercial property market is now the largest in the world, all of which has got some people worrying about a potential bubble. CRI's Dominic Swire has more.

 Latest figures from China's statistics bureau show the year-on-year growth of house prices across 70 of the country's major cities has been increasing steadily over the past six months. This year prices in February are 10.7 percent higher than the same time last year.

On top of this a recent report by global property firm Couchman and Wakefield said China's commercial real estate investment outgrew the US in 2009 to become the largest in the world.

Such rapid growth has seen many talk of a possible property price bubble in China. Wang Lina, Professor at the Institute of Economics at the Chinese Academy of Social Sciences believes this is the case.

"It's not only the rapid increase in price but that the price increase has no basic fundamentals to support it. This kind of increase is too rapid and too large compared with the increase of family disposable income... So I think that is some kind of bubble."

It's an issue the government is aware of. Speaking recently during the ongoing political sessions in Beijing, Minister of Housing and Urban Rural Development Jiang Weixin said the government is committed to tackling the problem.

"The demand caused by rapid urbanization and industrialization will be great over the next 20 years and land is limited so there will be pressure to raise prices. But the central government is determined to rein in house prices."

Despite the government's talk of reducing property prices, Andy Zhang, a real estate expert at Cushman and Wakefield, says demand is so high a market crash is not on the cards. He expects a government-induced correction of just 10 - 15 percent.

"I don't think there's really a risk of a burst of the bubble… Once there's some sort of adjustment then the money will come in. So I don't' think there's real concern that mark will crash, say by 40 or 50 percent. There's no worry about that."

While it certainly seems that China's major cities are indeed in the midst of a property price bubble, it's one that doesn't look like bursting for some time to come.

Dominic Swire, CRI news.