Home prices continue to climb in December

By Cherry Cao | January 18, 2016, Monday |

Online Edition

RESIDENTIAL prices continued to climb around China at a moderate pace in December with polarized performances in different tiered cities, according to official data released today.

New home prices rose in 39 cities last month, six more than in November, the National Bureau of Statistics, which monitors both new and existing housing prices in 70 Chinese cities, said on its website. Prices in four cities remained unchanged while they fell in the remaining 27.

Shenzhen led the gainers again in December with a month-on-month increase of 3.2 percent, accelerating from a 2.9 percent rise in November. It was immediately followed by Shanghai, where prices advanced 2.1 percent, and Xiamen, which recorded a monthly gain of 1.3 percent.

"Notably divided performances still existed among gateway, second-tier and tertiary cities," said Liu Jianwei, a senior bureau statistician. "Home prices in first-tier cities and major second-tier ones continued to head north at a rather fast pace while the majority of second- and third-tier ones still suffered month-over-month retreat due to high inventories levels."

On average, new home price growth in the 70 cities remained unchanged in December from a month ago while in the existing home market, an overall accelerating pace of 0.2 percentage points was recorded, according to the bureau's data.

Year on year, prices of new and previously owned homes rose 7.7 percent and 7.6 percent, respectively, from a year earlier. That compared to a year-on-year growth of 6.5 percent and 6.2 percent, respectively, in November.

Nationwide, new home prices climbed in 21 cities from a year ago in December, unchanged from November. Shenzhen continued to lead with an annual surge of 47.5 percent, followed again by Shanghai where prices rose 18.2 percent from a year ago.

In the pre-owned housing market, prices rose in 35 cities in December from a year earlier, an increase of three from November.

Home price performances were even more divided on an annual basis among different tiered cities, with year-on-year growth in first-tier cities far more notable than that in second-tier ones whereas tertiary ones still suffered from year-over-year decreases, according to Liu.

Real Estate

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Home prices continue to climb in December

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