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City's 2011 property sales drop
Source: Xinhua |
January 21, 2012, Saturday
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Print Edition
Print Edition
SHANGHAI'S commercial and residential real estate sales dropped 13.8 percent in 2011 as government curbs cooled the market.
Developers sold 17.7 million square meters of commercial real estate and housing last year, Yan Jun, chief economist at the Shanghai Statistics Bureau, said yesterday. Residential housing sales fell 12.6 percent to 14.7 million square meters, Yan told a press briefing.
Yan also said the rapid rise in property prices in Shanghai had been markedly curbed. Prices of new commercial apartments slipped around 0.3 percent month on month in the last quarter, down from a 1.1 percent month-on-month rise last January and zero growth in the third quarter, data showed.
Property investment in China's financial and business center rose 9.6 percent year on year to 217 billion yuan (US$34.4 billion). Of the total, 22.1 percent was spent on building affordable housing.
Other major cities, such as Beijing and Guangzhou, also have reported sagging real estate prices following tough regulatory measures, including purchasing limits, higher lending rates, higher down payments for second homes, a ban on mortgage loans on third homes and building of affordable housing.
Commercial housing sales in Beijing and Guangzhou declined 13.9 percent and 15.2 percent, respectively, last year.
China's real estate market is expected to face further pressure as the central government maintains last year's control measures this year. Runaway`home prices have kept many middle-income earners unable to afford new apartments.
Developers sold 17.7 million square meters of commercial real estate and housing last year, Yan Jun, chief economist at the Shanghai Statistics Bureau, said yesterday. Residential housing sales fell 12.6 percent to 14.7 million square meters, Yan told a press briefing.
Yan also said the rapid rise in property prices in Shanghai had been markedly curbed. Prices of new commercial apartments slipped around 0.3 percent month on month in the last quarter, down from a 1.1 percent month-on-month rise last January and zero growth in the third quarter, data showed.
Property investment in China's financial and business center rose 9.6 percent year on year to 217 billion yuan (US$34.4 billion). Of the total, 22.1 percent was spent on building affordable housing.
Other major cities, such as Beijing and Guangzhou, also have reported sagging real estate prices following tough regulatory measures, including purchasing limits, higher lending rates, higher down payments for second homes, a ban on mortgage loans on third homes and building of affordable housing.
Commercial housing sales in Beijing and Guangzhou declined 13.9 percent and 15.2 percent, respectively, last year.
China's real estate market is expected to face further pressure as the central government maintains last year's control measures this year. Runaway`home prices have kept many middle-income earners unable to afford new apartments.
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