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Chinese home market cools in November

By Cherry Cao | December 19, 2016, Monday | Online Edition

RESIDENTIAL markets of China's first and second-tier cities lost more steam in November as tightening measures implemented by local governments to squeeze a property bubble continued to bite, the National Bureau of Statistics said today.

Average new home prices climbed an average 0.1 percent last month in first-tier cities and 0.4 percent in second-tier compared with 0.5 percent and 1.3 percent in October, according to the bureau, which tracks housing prices in new and pre-owned markets across 70 cities.

In the existing homes market, prices remained unchanged in November in first-tier markets, and gained 0.3 percent in second-tier markets, compared with a month-over-month growth of 0.6 percent and 0.8 percent in October.

"Positive cooling signs continued to show up in first and second-tier cities last month while third-tier markets remained stable," said Liu Jianwei, the bureau's senior statistician. "Specifically, gateway cities seemed almost flat while generally slower growth was registered in second-tier cities."

In November, new home prices in Guangzhou rose 0.9 percent month on month, making it the only one in the four first-tier cities to witness a growth. Prices in Beijing remained unchanged while they fell in both Shanghai and Shenzhen, by 0.1 percent and 0.3 percent, respectively, from a month earlier, the bureau's data showed.

Across the country, the number of cities seeing month-on-month price growth decreased by seven and eight, respectively, in new and existing housing markets in November while the number of cities suffering price drops from a month earlier increased by four and seven, respectively, in these two markets, according to the bureau.

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