Growth of property prices stalls in more Chinese cities

By Cherry Cao | March 18, 2014, Tuesday |

Online Edition

THE number of Chinese cities seeing month-on-month price growth declined for another month in February amid continuously eased sentiment among buyers.

Excluding government-subsidized affordable housing, prices of new residential properties rose in 57 cities around the country last month, according to the National Bureau of Statistics, which monitors both new and existing housing prices in 70 major cities. That compared to 62 cities in January and 65 cities in December.

In the existing home market, 46 cities recorded price increases from a month earlier, compared to 48 cities registered in January.

"Tightened credit as well as property curbs implemented in some cities across the country since late last year have been altering some buyers' expectations, leaving more home seekers on the sideline," said Yan Yuejin, an analyst at E-House China R&D Institute, a leading property service provider and research body in the country.

Slower price growth has been found in the country's four first-tier cities, the bureau's data showed. In Beijing and Guangzhou, monthly price increase both narrowed by 0.2 percentage points in February to 0.3 percent and 0.5 percent whereas in Shanghai and Shenzhen, new home prices gained 0.4 percent and 0.3 percent last month, compared to growth of 0.5 percent and 0.4 percent registered in January.

On an annual basis, 69 cities, or all cities except Wenzhou in eastern Zhejiang Province, recorded new home price rises, unchanged from January and December. Shanghai, with a gain of 18.7 percent, continued to lead all gainers around the country for the fifth straight month.

Government data released last week confirmed rather sluggish momentum recorded nationwide in the first two months of this year. The value of new homes sold across the country fell 5 percent from the same period a year earlier to 598.5 billion yuan (US$96.8 billion) between January and February whereas by volume, sales shed 1.2 percent year on year to 93.77 million square meters, the bureau said.

In the existing market, 69 cities recorded year-on-year price gains, led by a 15.9 percent rise in Beijing. That compared to a maximum 18.4 percent annual growth also registered in the capital city in January.

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Growth of property prices stalls in more Chinese cities

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