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China home prices drop for 9th month
By Cherry Cao |
June 1, 2012, Friday
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Online Edition
Online Edition
HOME prices in China dropped for the ninth consecutive month in May.
Prices declined an average 0.31 percent from April to 8,684 yuan (US$1,372) per square meter in 100 major cities across the country, the China Index Academy said today.
Prices dropped in 73 cities, compared to 71 in April, with 17 seeing falls of more than 1 percent, a monthly increase of three. Gains were posted in 26 cities while one saw no change from the previous month.
"This was the second straight month that both a monthly and a yearly decline were registered," said Sky Xue, an analyst at China Real Estate Information Corp. "As housing policies will not be loosened in the short term, the trend will probably continue."
Year-on-year, home prices in the 100 cities dropped 1.53 percent on average, with 60 cities seeing a loss in value, compared to 49 cities in April, the academy said.
The average cost of homes in the 10 largest cities, which include Shanghai, Beijing, Guangzhou and Chongqing, meanwhile, fell 0.5 percent from a month earlier to 15,314 yuan per square meter, with Shanghai and Wuhan suffering the largest drop of 0.96 percent, followed by Hangzhou, which lost 0.92 percent.
Year-on-year, house prices in the 10 cities dropped an average 3.2 percent, the fifth consecutive month they had fallen.
Prices declined an average 0.31 percent from April to 8,684 yuan (US$1,372) per square meter in 100 major cities across the country, the China Index Academy said today.
Prices dropped in 73 cities, compared to 71 in April, with 17 seeing falls of more than 1 percent, a monthly increase of three. Gains were posted in 26 cities while one saw no change from the previous month.
"This was the second straight month that both a monthly and a yearly decline were registered," said Sky Xue, an analyst at China Real Estate Information Corp. "As housing policies will not be loosened in the short term, the trend will probably continue."
Year-on-year, home prices in the 100 cities dropped 1.53 percent on average, with 60 cities seeing a loss in value, compared to 49 cities in April, the academy said.
The average cost of homes in the 10 largest cities, which include Shanghai, Beijing, Guangzhou and Chongqing, meanwhile, fell 0.5 percent from a month earlier to 15,314 yuan per square meter, with Shanghai and Wuhan suffering the largest drop of 0.96 percent, followed by Hangzhou, which lost 0.92 percent.
Year-on-year, house prices in the 10 cities dropped an average 3.2 percent, the fifth consecutive month they had fallen.
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