Home prices grow for 19th consecutive month in China

By Cherry Cao | January 2, 2014, Thursday |

Online Edition

HOME prices extended their growth for the 19th straight month in China in December with more than two-thirds of the monitored cities recording month-over-month gains.

The average price of new residential properties in 100 cities across the country rose 0.7 percent from November to 10,833 yuan (US$1,785) per square meter, the China Index Academy said yesterday.

That compared with a growth rate of 0.68 percent in November and an increase of 1.24 percent in October.

"While the pace of growth remained little changed from a month earlier, the number of cities registering price gains fell in December and the number of cities seeing price growth of more than 1 percent also declined, indicating the market continued to stabilize," the academy said.

Nationwide, 68 cities registered monthly price increases, down from 69 in November and 75 in October. Of those, 19 recorded growth of more than 1 percent, compared to 28 in November. Xiangtan in Hunan Province led last month's gainers with a 3.49 percent rise.

There were price drops in 32 cities, with Foshan in Guangdong Province suffering the biggest decline, 3.26 percent.

In the 10 largest cities, the average price of a new home climbed 1.31 percent to 18,994 yuan per square meter, compared to a monthly growth of 1.16 percent in November. Nanjing in Jiangsu Province saw the largest increase among the largest cities with a monthly rise of 2.62 percent, followed by a 2.38 percent growth in Guangzhou and a 2.34 percent increase in Shanghai, the academy said.

In Shanghai, new home purchases fell below the one-million-square-meter threshold for the first time in four months in December with average price reaching a record, according to a latest report released by Shanghai Uwin Real Estate Information Services Co.

Sales of new homes, excluding government-subsidized affordable housing, dropped 23.5 percent from November to 983,700 square meters. They were sold for an average 25,361 yuan per square meter, a month-over-month rise of 0.64 percent, Uwin data showed.

"New home purchases fell for the second consecutive month in December, indicating panic buying among home seekers has moderated," said Huang Zhijian, Uwin's chief analyst. "On the other side, fewer houses were released to the local market last month as real estate developers also lack impetus to trigger sales during the year-end period following robust sales registered in previous months."

Some 812,200 square meters of new residential properties were released in the city last month, the smallest monthly volume since August, according to Uwin data.

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Home prices grow for 19th consecutive month in China

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