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Fewer cities see price of new homes increasing
By Cherry Cao |
September 19, 2012, Wednesday
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Print Edition
Print Edition
FEWER Chinese cities saw the price of new homes rise in August as demand fell across the country, according to National Bureau of Statistics data released yesterday.
Excluding government-funded affordable housing, prices rose in 36 of 70 cities tracked by the bureau, compared to 50 in July. Prices remained flat in 14 cities, three more than in July.
"Home-buying momentum nationwide withdrew a bit after eight inspection teams were dispatched by the central government to 16 provincial areas in August," said Zhang Hongwei, an analyst with Tospur, a Shanghai-based property research organization. "A tightened mortgage policy on first-time buyers also damped some home-seekers' interest."
On July 24, the State Council, China's Cabinet, said it was sending inspection teams to Shanghai and other major cities to monitor how measures to control the property market were working.
And an increasing number of Chinese banks are stopping offering 15 percent discounts to first-time buyers. Most now provide discounts under 10 percent.
New-home prices in Beijing, Guangzhou and Shenzhen climbed by between 0.1 percent and 0.3 percent from July while those in Shanghai stayed unchanged, the bureau said.
In the existing-home market, meanwhile, prices rose in 38 of the 70 cities, unchanged from July. Sixteen cities saw monthly declines, compared to 20 in July.
New-home purchases by value rose 2.3 percent to 2.84 trillion yuan (US$449.3 billion) in China in the first eight months of this year, reversing a 1.1 percent decrease between January and July. In August, however, new houses worth 450.8 billion yuan were sold across the country, compared with July's 455.3 billion yuan.
In volume, they totaled 509.85 million square meters in the first eight months, 4.8 percent down from the same period in 2011. Last month alone, 79.07 million square meters of new residential properties were sold, compared with 77.31 million square meters in July.
"Home prices will probably sway between some gains and losses in the fourth quarter of the year but neither notable increases nor decreases should be anticipated," said Yang Hongxu, director of research at the Shanghai E-House Real Estate Institute.
Excluding government-funded affordable housing, prices rose in 36 of 70 cities tracked by the bureau, compared to 50 in July. Prices remained flat in 14 cities, three more than in July.
"Home-buying momentum nationwide withdrew a bit after eight inspection teams were dispatched by the central government to 16 provincial areas in August," said Zhang Hongwei, an analyst with Tospur, a Shanghai-based property research organization. "A tightened mortgage policy on first-time buyers also damped some home-seekers' interest."
On July 24, the State Council, China's Cabinet, said it was sending inspection teams to Shanghai and other major cities to monitor how measures to control the property market were working.
And an increasing number of Chinese banks are stopping offering 15 percent discounts to first-time buyers. Most now provide discounts under 10 percent.
New-home prices in Beijing, Guangzhou and Shenzhen climbed by between 0.1 percent and 0.3 percent from July while those in Shanghai stayed unchanged, the bureau said.
In the existing-home market, meanwhile, prices rose in 38 of the 70 cities, unchanged from July. Sixteen cities saw monthly declines, compared to 20 in July.
New-home purchases by value rose 2.3 percent to 2.84 trillion yuan (US$449.3 billion) in China in the first eight months of this year, reversing a 1.1 percent decrease between January and July. In August, however, new houses worth 450.8 billion yuan were sold across the country, compared with July's 455.3 billion yuan.
In volume, they totaled 509.85 million square meters in the first eight months, 4.8 percent down from the same period in 2011. Last month alone, 79.07 million square meters of new residential properties were sold, compared with 77.31 million square meters in July.
"Home prices will probably sway between some gains and losses in the fourth quarter of the year but neither notable increases nor decreases should be anticipated," said Yang Hongxu, director of research at the Shanghai E-House Real Estate Institute.
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