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August 2, 2016

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China’s housing prices rise again in July

HOME prices in China continued to rise for the 15th straight month in July despite fewer cities posting higher prices, the China Index Academy said in a report released yesterday.

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

Prices rose in 66 cities nationwide in July, down from 73 cities in June, with 29 cities posting a monthly gain of above 1 percent, down from 30 cities in June. Prices fell in 30 and were flat in four.

Jiaxing in Zhejiang Province rose from third spot in June to lead nationwide with a monthly gain of 4.94 percent in July, followed by Langfang in Hebei Province and Hefei in Anhui Province.

Among 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’s prices, however, dipped 0.16 percent.

The price of a new home in the 10 largest cities added 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 a month-over-month and year-on-year basis,” the academy said.

It predicted home prices to “maintain a moderate growth” as local governments adopt differentiated policies to stablize the housing market as part of efforts by the central government to rein in asset-bubble risk.

The average cost of a new home climbed 12.39 percent annually in July, rising for the 12th straight month and faster than an 11.18 percent gain in June.


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