Professor: Why property prices rise faster in China's smaller cities

China's National Bureau of Statistics says home prices rose in most major cities in July. Data shows 60 out of 70 major cities saw new home prices increase from the previous month. Fourth-tier city Pingdingshan in central China's Henan Province led the gains, with a 1.6-percent month-on-month rise. New home prices in China's four top-tier cities – Beijing, Shanghai, Guangzhou and Shenzhen – rose 0.3 percent from a month earlier, slightly more than in June. Prices in tier-two cities increased 0.7 percent versus a 0.8 percent rise in the previous month. However, on a year-on-year basis, lower-tier cities saw new home prices averagely rise over 10 percent. That's much faster than in first-tier cities. What are the reasons for this? And how will the increasing home prices impact the local living standards? CGTN spoke with Professor John Gong from the University of International Business and Economics to shed light on the matter.