Home prices rise faster in January

By Cherry Cao | February 26, 2016, Friday |

Online Edition

HOME prices in China rose at a faster pace in January with first-tier cites continuing to lead gainers, according to the National Bureau of Statistics, which tracks prices in 70 cities.

Shenzhen continued to lead the gainers with a month-on-month increase of 4.1 percent, accelerating from December’s 3.2 percent rise. It was immediately followed by Shanghai, where prices advanced 2.6 percent, and Nanjing, which recorded a month-over-month gain of 2.5 percent, the bureau's data showed.

"Nationwide, the growth in home prices picked up notably in the first month of 2016 with an overall acceleration of 0.4 percentage points for new homes and 0.6 percentage points for existing properties being recorded," said Liu Jianwei, a senior bureau statistician. "As expected, divided performances continued to prevail among different-tiered cities across the country with gateway cities and a selected number of second-tier ones seeing the most significant rises."

Prices of new residential properties rose in 38 cities last month, one less than in December. Prices fell in 24 cities while were unchanged in the remaining eight, compared to 27 and four cities, respectively, in December.

On average, the growth in home prices in first-tier cities recorded an overall acceleration of 0.5 percentage points and 1.2 percentage points in new and pre-owned home markets, respectively, compared to a 0.1 percentage point for both markets in second-tier cities. In tertiary cities, however, prices remained flat in the new home market last month, compared to a 0.1 percent decrease in December, while fell 0.1 percent in January in the existing home market which saw no change in December, according to Liu.

Home price performances were even more divided on an annual basis among different tiered cities.

The average price growth in both new and pre-owned home markets in first-tier cities exceeded 20 percent in January from a year earlier, a sharp contrast to an annual increase of around 1 percent in second-tier cities. Most tertiary cities, however, were still suffering a year-on-year decrease in home prices, according to the bureau's data.

Effective February 22, deed and business taxes in most Chinese cities have been cut, the latest in a series of government measures to shore up the sagging market.

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Home prices rise faster in January

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