Gateway cities like Shanghai have biggest home price increases

By Cherry Cao | October 22, 2013, Tuesday |

Online Edition

THE number of Chinese cities recording home price increases remained largely unchanged in September from a month earlier with gateway cities continuing to lead the gainers, according to data released today by the National Bureau of Statistics.

Excluding government-subsidized affordable housing, prices of new residential properties rose month-on-month in 65 of the 70 cities monitored by the bureau, compared to 66 in August. Year on year, 69 cities saw price hikes, unchanged from August.

In the existing housing market, 63 cities registered monthly growth, compared with 58 in August. The number of cities seeing annual gains, meanwhile, stayed at 68 last month, unchanged from August.

"The divergence in performance between first-tier and smaller cities was extended for another month," said Liu Jianwei, a senior statistician at 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 continued to record notable gains."

New home prices in Shanghai, for instance, climbed 1.6 percent from August, the biggest growth among the first-tier cities. It was trailed by Guangzhou and Shenzhen, which both advanced 1.4 percent, and Beijing, which gained 1.2 percent from the previous month.

In comparison, 31 second-tier cities tracked by the bureau 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, the bureau said.

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Gateway cities like Shanghai have biggest home price increases

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