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China’s home prices strengthened again in July

By Cao Qian | August 1, 2016, Monday | Online Edition

HOME prices in China extended their strength for the 15th consecutive month in July despite a decreased number of gainers, the China Index Academy said in a report released today.

The average cost of a new home climbed 1.63 percent to 12,009 yuan (US$1,806) per square meter from a month earlier, said the academy, which monitors market activity in 100 cities nationwide. It rose 1.32 percent in June.

Prices advanced in 66 cities nationwide, compared to 73 cities in June. They fell in 30 and were flat in four. Of the gainers, 29 cities posted a month-on-month rise of above 1 percent, down from 30 cities in June.

Jiaxing in Zhejiang Province, which took the third place in June, became the national leader with a monthly gain of 4.94 percent, followed by Langfang in Hebei Province and Hefei in Anhui Province.

Of the four first-tier cities, Shanghai's gain of 2.93 percent from June was the biggest, followed by Beijing's 2.08 percent and Shenzhen's 1.93 percent. Guangzhou, however, registered a dip of 0.16 percent.

Price of a new home in the country's 10 largest cities increased 2.2 percent from a month earlier to 22,945 yuan per square meter, accelerating from a 1.52 percent gain in June.

"In general, home prices in China continued to grow at a faster pace on both a month-over-month and year-on-year basis," the academy said. "Looking forward, local governments around the country will continue to adopt differentiated policies to help stabilize the housing market under a central government vow to control the asset-bubble risk and home prices are expected to maintain a moderate growth."

On an annual basis, the average cost of a new home rose 12.39 percent in July, extending growth for the 12th straight month and also accelerating from an 11.18 percent increase in June.

Prices gained in 62 cities from a year ago, up from 59 cities in June. Shenzhen again led with an annual growth of 41.15 percent, the academy said.

In Shanghai, the area of new homes sold, excluding government-subsidized affordable housing, climbed 5.2 percent from June to 1.31 million square meters last month, Shanghai Centaline Property Consultants Co reported today. They were sold for an average 37,319 yuan per square meter, the highest monthly price ever recorded in Shanghai and a month-on-month increase of 1.6 percent, according to Centaline data.

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