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China home price fall enters month 2
By Cao Qian |
November 1, 2011, Tuesday
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Online Edition
Online Edition
CHINA'S home prices fell for the second month in October with more than half of the cities tracked registering price decreases, according to monthly research released today by China Index Academy.
Home prices fell an average 0.23 percent from September to 8,856 yuan (US$1,399) per square meter in 100 major cities across the country in October, extending weakness as housing sales continued to drop amid government austerity measures aimed at curbing speculation.
Home prices in the country dipped 0.03 percent in September, the first time in a year.
Last month, prices fell in 58 of 100 cities, an increase from 14 from cities in September, according to the academy.
On a year-on-year basis, they climbed 5.21 percent, down from a growth of 6.15 percent in September.
Among the 10 largest cities, including Shanghai, Beijing, Guangzhou, Shenzhen and Chongqing, the average cost of homes had fallen 0.42 percent from September to 15,720 yuan per square meter last month, the lowest since March, the academy said.
Compared to the same period a year earlier, housing prices still rose 2.44 percent on average in the 10 cities, the smallest increase since June 2010.
"We don't see any sign for a market recovery at least till the end of this year, which means home prices will continue to go downward for some time," said Sky Xue, an analyst with China Real Estate Information Corp. "Home-buying opportunities might pop up in the coming few months as real estate developers are facing ever-growing pressure for capital replenishment after very sluggish sales since February."
In Shanghai, sales of new homes, excluding affordable housing, dropped 19.6 percent month-on-month to 457,000 square meters in October, Shanghai Deovolente Realty Co said yesterday. The average price, meanwhile, retreated 6 percent from September to 21,295 yuan per square meter, Deovolente data showed.
Home prices fell an average 0.23 percent from September to 8,856 yuan (US$1,399) per square meter in 100 major cities across the country in October, extending weakness as housing sales continued to drop amid government austerity measures aimed at curbing speculation.
Home prices in the country dipped 0.03 percent in September, the first time in a year.
Last month, prices fell in 58 of 100 cities, an increase from 14 from cities in September, according to the academy.
On a year-on-year basis, they climbed 5.21 percent, down from a growth of 6.15 percent in September.
Among the 10 largest cities, including Shanghai, Beijing, Guangzhou, Shenzhen and Chongqing, the average cost of homes had fallen 0.42 percent from September to 15,720 yuan per square meter last month, the lowest since March, the academy said.
Compared to the same period a year earlier, housing prices still rose 2.44 percent on average in the 10 cities, the smallest increase since June 2010.
"We don't see any sign for a market recovery at least till the end of this year, which means home prices will continue to go downward for some time," said Sky Xue, an analyst with China Real Estate Information Corp. "Home-buying opportunities might pop up in the coming few months as real estate developers are facing ever-growing pressure for capital replenishment after very sluggish sales since February."
In Shanghai, sales of new homes, excluding affordable housing, dropped 19.6 percent month-on-month to 457,000 square meters in October, Shanghai Deovolente Realty Co said yesterday. The average price, meanwhile, retreated 6 percent from September to 21,295 yuan per square meter, Deovolente data showed.
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