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China property prices still on the rise
By Cao Qian |
January 18, 2011, Tuesday
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Print Edition
Print Edition
URBAN property prices across the country grew for the fourth straight month in December.
Real estate prices in 70 major Chinese cities were 6.4 percent higher last month compared to a year earlier, the National Bureau of Statistics said yesterday.
Property prices edged up 0.3 percent in December, following increases of 0.3 percent in November, 0.2 percent in October and 0.5 percent in September.
"Continuous price growth probably indicates the failure of earlier tightening measures by the central government and all the rein-in policies seemed to be far from effective to tackle the core of the country's housing problem," said Song Huiyong, a research director at Shanghai Centaline Property Consultants Ltd. "Further effort is definitely needed while existing ones must be better implemented."
Song said that some earlier policies, such as preferential mortgage rates for first-time buyers, should be scrapped while real punishment should be introduced to remove speculators from the market.
Across the country, the prices of new and existing homes jumped 7.6 percent and 5 percent in December from a year earlier, compared with 9.3 and 5.6 percent increases in November. In Shanghai, they rose 1.3 percent and 3.3 percent.
Nationwide, real estate sales continued to record double digit growth in both volume and price over the past 12 months, despite the introduction of two rounds of tightening policies aimed at cooling the market.
A total of 1.043 billion square meters of new property, excluding affordable housing programs, were sold around the country for 5.25 trillion yuan (US$796.6 billion), up 10.1 percent and 18.3 percent from a year earlier.
Of that, new home sales rose 8 percent by area and 14.4 percent by value, according to the bureau.
Investment in property development surged 33.2 percent to 4.8267 trillion yuan between January and December, of which 3.4038 trillion yuan was allocated for homes, a year-on-year increase of 32.9 percent.
In Shanghai, the price of new homes remained above 23,000 yuan (US$3,490) per square meter for the fifth week though transaction volume continued to decline with the Spring Festival is approaching.
Some 244,000 square meters of new properties were sold for an average 23,055 yuan per square meter across the city last week, down 15.7 percent and 0.1 percent from the previous seven-day period, Shanghai Uwin Real Estate Information Services Co said.
The average price of new houses beyond the Outer Ring Road was 17,616 yuan per square meter in December, rising to 17,926 yuan per square meter during the first 16 days of January, compared to an average of 15,704 yuan per square meter for 2010, according to Uwin statistics.
Meanwhile, China's urban land prices saw increases in the fourth quarter of last year.
The China Land Surveying and Planning Institute said in a report that average land prices reached 2,882 yuan per square meter in the final quarter in some key cities it monitored, up 2.53 percent compared to the previous quarter.
On a year-on-year basis, that was an increase of 8.62 percent.
Real estate prices in 70 major Chinese cities were 6.4 percent higher last month compared to a year earlier, the National Bureau of Statistics said yesterday.
Property prices edged up 0.3 percent in December, following increases of 0.3 percent in November, 0.2 percent in October and 0.5 percent in September.
"Continuous price growth probably indicates the failure of earlier tightening measures by the central government and all the rein-in policies seemed to be far from effective to tackle the core of the country's housing problem," said Song Huiyong, a research director at Shanghai Centaline Property Consultants Ltd. "Further effort is definitely needed while existing ones must be better implemented."
Song said that some earlier policies, such as preferential mortgage rates for first-time buyers, should be scrapped while real punishment should be introduced to remove speculators from the market.
Across the country, the prices of new and existing homes jumped 7.6 percent and 5 percent in December from a year earlier, compared with 9.3 and 5.6 percent increases in November. In Shanghai, they rose 1.3 percent and 3.3 percent.
Nationwide, real estate sales continued to record double digit growth in both volume and price over the past 12 months, despite the introduction of two rounds of tightening policies aimed at cooling the market.
A total of 1.043 billion square meters of new property, excluding affordable housing programs, were sold around the country for 5.25 trillion yuan (US$796.6 billion), up 10.1 percent and 18.3 percent from a year earlier.
Of that, new home sales rose 8 percent by area and 14.4 percent by value, according to the bureau.
Investment in property development surged 33.2 percent to 4.8267 trillion yuan between January and December, of which 3.4038 trillion yuan was allocated for homes, a year-on-year increase of 32.9 percent.
In Shanghai, the price of new homes remained above 23,000 yuan (US$3,490) per square meter for the fifth week though transaction volume continued to decline with the Spring Festival is approaching.
Some 244,000 square meters of new properties were sold for an average 23,055 yuan per square meter across the city last week, down 15.7 percent and 0.1 percent from the previous seven-day period, Shanghai Uwin Real Estate Information Services Co said.
The average price of new houses beyond the Outer Ring Road was 17,616 yuan per square meter in December, rising to 17,926 yuan per square meter during the first 16 days of January, compared to an average of 15,704 yuan per square meter for 2010, according to Uwin statistics.
Meanwhile, China's urban land prices saw increases in the fourth quarter of last year.
The China Land Surveying and Planning Institute said in a report that average land prices reached 2,882 yuan per square meter in the final quarter in some key cities it monitored, up 2.53 percent compared to the previous quarter.
On a year-on-year basis, that was an increase of 8.62 percent.
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