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Gateway cities lead in home price rises
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Housing prices in major cities remained largely unchanged in September from a month earlier, with Shanghai and other gateway cities continuing to lead the gainers, according to data released by the National Bureau of Statistics yesterday.
Excluding government-subsidized affordable housing, prices of new apartments rose month on month in 65 of the 70 cities monitored, compared with 66 in August. Year on year, 69 cities saw home prices rise, unchanged from August.
In the existing housing market, 63 cities registered monthly growth, compared with 58 in August. The number of cities seeing annual price gains, meanwhile, stayed at 68 last month, unchanged from August.
“The divergence in performance between first-tier and smaller cities extended for another month,” said Liu Jianwei of the bureau. “The majority of the country’s second and third-tier cities continued to see rather moderate month-over-month price increases, while larger ones, including the four gateway cities of Shanghai, Beijing, Guangzhou and Shenzhen, continued to record notable gains.”
New home prices in Shanghai climbed 1.6 percent from August, the biggest growth among the four first-tier cities. Guangzhou and Shenzhen advanced 1.4 percent. Beijing gained 1.2 percent.
In comparison, 31 second-tier cities, including Tianjin, registered an average monthly increase of 0.7 percent while 35 third-tier cities, such as Tangshan, saw an average gain of 0.6 percent, Liu said.
“The rise in property prices overall is not a surprise and is driven by many unchanged factors,” said Mark Budden of EC Harris, a global built asset consultancy. “On a local level, we expect to see more divergence between tier 1 and tier 2 cities and differentiated approaches to controlling the market.”
In September, new home purchases around the country jumped to 691.1 billion yuan (US$113.3 billion), up from 514.6 billion yuan in August. By volume, new home sales totaled 119.27 million square meters, compared to 86.59 million square meters a month ago.
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