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Existing home prices outpace new houses
By Cao Qian |
February 27, 2010, Saturday
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Print Edition
Print Edition
CHINA'S urban property prices gained 1.5 percent last year with existing homes outpacing new ones.
The prices of new houses in 70 major cities on the Chinese mainland climbed 1.3 percent in 2009 while existing homes rose 2.4 percent during the 12-month period, the National Bureau of Statistics has said.
"The year-on-year figure, which was obtained after tracking all kinds of homes, including budget houses, those designated for relocated residents under urban redevelopment plans as well as housing whose prices are curbed, couldn't reflect the exact price increase of homes people can usually buy in the market," said Shao Minghao, research head of Shanghai Hanyu Property Consulting Co. "Moreover, the national statistics, which monitor both major and tertiary cities where gaps in home prices remain huge, do not reflect the real picture of the market."
The slight annual increase in home prices released by the statistics bureau surprised most people who had witnessed at least double-digit price growth over the past year when record lending by domestic banks, coupled with robust buyer sentiment, helped boost the country's real estate market.
In a separate report released by the Shanghai Statistics Bureau, property prices covering all types of real estate in the city rose 8.8 percent in January from a year earlier. In particular, prices of new homes jumped 10.2 percent year on year while existing houses climbed 8.9 percent.
Last year, sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, more than doubled to 17.64 million square meters in Shanghai while average prices jumped 16 percent on an annual basis to 16,188 yuan (US$2,370) per square meter, according to Shanghai Uwin Real Estate Information Services Co.
The prices of new houses in 70 major cities on the Chinese mainland climbed 1.3 percent in 2009 while existing homes rose 2.4 percent during the 12-month period, the National Bureau of Statistics has said.
"The year-on-year figure, which was obtained after tracking all kinds of homes, including budget houses, those designated for relocated residents under urban redevelopment plans as well as housing whose prices are curbed, couldn't reflect the exact price increase of homes people can usually buy in the market," said Shao Minghao, research head of Shanghai Hanyu Property Consulting Co. "Moreover, the national statistics, which monitor both major and tertiary cities where gaps in home prices remain huge, do not reflect the real picture of the market."
The slight annual increase in home prices released by the statistics bureau surprised most people who had witnessed at least double-digit price growth over the past year when record lending by domestic banks, coupled with robust buyer sentiment, helped boost the country's real estate market.
In a separate report released by the Shanghai Statistics Bureau, property prices covering all types of real estate in the city rose 8.8 percent in January from a year earlier. In particular, prices of new homes jumped 10.2 percent year on year while existing houses climbed 8.9 percent.
Last year, sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, more than doubled to 17.64 million square meters in Shanghai while average prices jumped 16 percent on an annual basis to 16,188 yuan (US$2,370) per square meter, according to Shanghai Uwin Real Estate Information Services Co.
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