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China's House Prices See 1st Fall On Record
By Lee Spears |
January 10, 2009, Saturday
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CHINA'S house prices dropped 0.4 percent last month from a year earlier, the first decline on record, as slowing economic growth amid a global recession deterred home buyers.
The fall in prices across 70 major cities follows a 0.5-percent gain in November, the National Development and Reform Commission said on its Website yesterday. It's the first drop since the government started releasing the data in August 2005, according to Bloomberg News.
China's State Council last month said it will avert drastic declines in property prices by building more homes for low-income families and controlling excessive gains in land prices. There are also plans to introduce real estate investment trusts, or REITs, to revitalize construction projects delayed by financing woes, Qi Ji, vice minister of housing, said on Tuesday.
New home sales shed 0.8 percent last month from a year earlier, the commission said. New home prices in Shenzhen tumbled 18.1 percent, the biggest fall among the cities. Prices in Guangzhou fell 9.4 percent.
The fall in prices across 70 major cities follows a 0.5-percent gain in November, the National Development and Reform Commission said on its Website yesterday. It's the first drop since the government started releasing the data in August 2005, according to Bloomberg News.
China's State Council last month said it will avert drastic declines in property prices by building more homes for low-income families and controlling excessive gains in land prices. There are also plans to introduce real estate investment trusts, or REITs, to revitalize construction projects delayed by financing woes, Qi Ji, vice minister of housing, said on Tuesday.
New home sales shed 0.8 percent last month from a year earlier, the commission said. New home prices in Shenzhen tumbled 18.1 percent, the biggest fall among the cities. Prices in Guangzhou fell 9.4 percent.
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