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25 big Chinese cities report jumps in home prices
By Cherry Cao |
July 18, 2012, Wednesday
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THE number of Chinese cities seeing a month-on-month increase in home prices rose to the highest level in 11 months in June, according to data released by the National Bureau of Statistics today.
Excluding government-subsidized affordable housing, prices rose last month in 25 of 70 cities tracked by the bureau, the highest since August 2011. In May, only six cities recorded monthly gains. On a year-on-year basis, meanwhile, prices fell in 57 cities, up from the 55 registered in May.
"The central bank's interest rate cut as well as growing concern among potential buyers for a price rebound encouraged more people to enter the property market last month, giving rise to boosted sales around the country," said Ma Xiaoming, a senior statistician at the bureau. "At the same time, some developers' recent decisions to cancel discounts or even raise prices following robust sales achieved in previous months, also attributed to last month's home price increases."
In June, new homes worth 531.3 billion yuan (US$84.2 billion) were sold around the country, an increase of 41 percent from May, according to the bureau's data released last week.
In Shanghai, Beijing, Guangzhou and Shenzhen, where home purchase restrictions have been vigorously enforced, new home prices climbed in three of the four cities by between 0.2 percent and 0.3 percent from May with Shenzhen being the only one still registering a monthly dip of 0.1 percent. That compared to May, when the four first-tier cities all saw price drops of between 0.1 and 0.3 percent from April.
A similar trend is also emerged in the existing home market, the bureau's data showed. Thirty-one of 70 cities recorded monthly price growth in previously-occupied houses in June, an increase of 13 from May. That was also the highest since August 2011, according to the bureau.
"The country's property tightening measures have proved to be effective so far in curbing home price growth as more than 80 percent of the 70 cities continued to post year-on-year price declines in June, both in the new and existing home markets," Ma said. "However, it still remains a tough and the long-term mission to bring down home prices to reasonable levels by squeezing out speculative demand from the market and we therefore must stick to existing reign-in policies and prevent a rebound in home prices."
Excluding government-subsidized affordable housing, prices rose last month in 25 of 70 cities tracked by the bureau, the highest since August 2011. In May, only six cities recorded monthly gains. On a year-on-year basis, meanwhile, prices fell in 57 cities, up from the 55 registered in May.
"The central bank's interest rate cut as well as growing concern among potential buyers for a price rebound encouraged more people to enter the property market last month, giving rise to boosted sales around the country," said Ma Xiaoming, a senior statistician at the bureau. "At the same time, some developers' recent decisions to cancel discounts or even raise prices following robust sales achieved in previous months, also attributed to last month's home price increases."
In June, new homes worth 531.3 billion yuan (US$84.2 billion) were sold around the country, an increase of 41 percent from May, according to the bureau's data released last week.
In Shanghai, Beijing, Guangzhou and Shenzhen, where home purchase restrictions have been vigorously enforced, new home prices climbed in three of the four cities by between 0.2 percent and 0.3 percent from May with Shenzhen being the only one still registering a monthly dip of 0.1 percent. That compared to May, when the four first-tier cities all saw price drops of between 0.1 and 0.3 percent from April.
A similar trend is also emerged in the existing home market, the bureau's data showed. Thirty-one of 70 cities recorded monthly price growth in previously-occupied houses in June, an increase of 13 from May. That was also the highest since August 2011, according to the bureau.
"The country's property tightening measures have proved to be effective so far in curbing home price growth as more than 80 percent of the 70 cities continued to post year-on-year price declines in June, both in the new and existing home markets," Ma said. "However, it still remains a tough and the long-term mission to bring down home prices to reasonable levels by squeezing out speculative demand from the market and we therefore must stick to existing reign-in policies and prevent a rebound in home prices."
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