Note of caution amid rising home prices, sluggish stocks
By Winny Wang |
October 13, 2009, Tuesday
|
Print Edition
Print Edition
SHANGHAI residents tightened their wallets in the third quarter of this year amid concerns of rising home prices and a gloomy stock market, a report said yesterday.
The Shanghai Consumer Confidence Index hit 109.4 points in the third quarter, down 1.8 points from the previous quarter, said the report released quarterly by the Shanghai University of Finance and Economics.
"Consumers turned more cautious after the stock market moved sharply lower and housing prices rose quickly in the third quarter," said Xu Guoxiang, the research program leader and director of the university's Applied Statistics Research Center.
An index reading above 100 points indicates consumers are positive about the economy while below that implies the opposite.
However, the index rose by 6.3 points on an annual basis in the quarter because "consumers anticipated having stable jobs and incomes with the recovering economy," Xu said.
The index measuring people's willingness to buy homes dropped 16.6 points from the previous quarter to 50 points.
More than 60 percent of the respondents said it was not the right time to buy an apartment, while only 10 percent of them said it's a good time.
A short period of price cuts in Shanghai's property market in the first quarter stimulated demand from potential buyers. But the prices have risen in recent months in line with the recovery in the economy.
The number of respondents who said it's a good time to buy a car hit an all-time high, with the index rising 2.5 points to 102.5 thanks to government policies to encourage vehicle sales.
More than 1,000 consumers aged 20 to 69 were interviewed about their attitude toward the city's economic prospects, their income and their investment and purchasing intentions.
The Shanghai Consumer Confidence Index hit 109.4 points in the third quarter, down 1.8 points from the previous quarter, said the report released quarterly by the Shanghai University of Finance and Economics.
"Consumers turned more cautious after the stock market moved sharply lower and housing prices rose quickly in the third quarter," said Xu Guoxiang, the research program leader and director of the university's Applied Statistics Research Center.
An index reading above 100 points indicates consumers are positive about the economy while below that implies the opposite.
However, the index rose by 6.3 points on an annual basis in the quarter because "consumers anticipated having stable jobs and incomes with the recovering economy," Xu said.
The index measuring people's willingness to buy homes dropped 16.6 points from the previous quarter to 50 points.
More than 60 percent of the respondents said it was not the right time to buy an apartment, while only 10 percent of them said it's a good time.
A short period of price cuts in Shanghai's property market in the first quarter stimulated demand from potential buyers. But the prices have risen in recent months in line with the recovery in the economy.
The number of respondents who said it's a good time to buy a car hit an all-time high, with the index rising 2.5 points to 102.5 thanks to government policies to encourage vehicle sales.
More than 1,000 consumers aged 20 to 69 were interviewed about their attitude toward the city's economic prospects, their income and their investment and purchasing intentions.
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