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China’s new home prices post continued rise but at slower pace
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NEW home prices in China rose again in September but at a slower pace, according to official data released yesterday.
Prices climbed in 39 cities last month, four more than in August, said the National Bureau of Statistics, which monitors housing prices in 70 cities. Prices in 10 cities were flat while they fell in the remaining 21.
Shenzhen in Guangdong Province again led the gainers with a month-on-month rise of 4 percent, slowing from August’s 5.2 percent growth.
It was followed by gains of 1.9 percent in Shanghai, 1.4 percent in Guangzhou and 1.1 percent in Beijing. The three cities saw monthly growth of 1.6 percent, 0.9 percent and 1.3 percent, respectively, in August.
“Across the country, prices of new and existing homes both recorded a slower growth in September from a month earlier, down by 0.1 and 0.2 percentage points on average from August, respectively,” said Liu Jianwei, a senior bureau statistician.
“First-tier cities continued to gain at a slower pace, while most of the second-tier cities saw only moderate or no growth and a limited number of third-tier ones finally started to register gains compared to earlier losses.”
On an annual basis, prices of new and pre-owned houses rose faster last month — up 1.9 percentage points and 1.7 percentage points, respectively, from August — with more cities posting rising prices, according to the bureau’s data.
Nationwide, 12 cities recorded year-on-year growth in new home prices, up three from August.
Notably, Shenzhen led with an annual surge of 38.3 percent, followed by gains of 9.7 percent in Shanghai, 5.9 percent in Beijing and 4.9 percent in Guangzhou.
In the pre-owned home market, 15 cities saw prices grow from a year earlier, an increase of eight from August.
Price increases in China’s bigger cities may have passed their peak, economists at Nomura said, noting that price growth in first-tier cities eased to 2 percent in September month on month from 2.1 percent in August.
Stabilizing home prices may only imply that housing demand has returned to more normal levels after being driven higher by earlier policy easing, Nomura said, noting that growth in property sales has also been easing from its recent July peak.
“This reinforces our view that property investment growth may turn negative in 2016,” they said.
Ma Jun, the chief economist at the People’s Bank of China, conceded that the weak property investment was the main source of downward pressure weighing on the economy but said he expected investment to improve in coming months.
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