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Home prices rise in 66 of 70 cities
By Cherry Cao |
March 18, 2013, Monday
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Online Edition
Online Edition
HOME prices extended their rally in most Chinese cities in February, with first-tier cities leading the gains, the National Bureau of Statistics said today.
Excluding government-subsidized affordable housing, prices rose in 66 of the 70 cities monitored by the bureau, compared with 53 in January. Prices were flat in three cities while the other registered a drop.
Beijing and Guangzhou both posted a monthly gain of 3.1 percent, the fastest rate across the country. They were followed by Shanghai and Shenzhen, which advanced 2.3 percent and 2.2 percent, respectively, the bureau said.
In January, Shenzhen saw the biggest gain of 2.2 percent with Beijing second at 2.1 percent and Guangzhou third after a 2 percent rise.
Year on year, new home prices rose in 62 of the 70 cities, with a maximum gain of 8.2 percent. That compared to 53 in January, when the largest increase was 4.7 percent.
"Continuously improving sentiment in the housing market, mainly fueled by demand from owner-occupiers, has been boosting home prices around the country, most notably in the larger cities," said Zhang Hongwei, a research director with Tospur, a Shanghai-based real estate consulting firm. "Sufficient market liquidity, meanwhile, also serves as a key factor contributing to home price increases."
New home purchases totaled 94.94 million square meters in China during the first two months of this year, a year-on-year increase of 55.2 percent, according to earlier data released by the bureau. By value, they surged 87.2 percent annually to 630.1 billion yuan (US$100 billion).
In the existing home market, 66 cities registered month-on-month price increases in February, compared to 51 in January. The number of cities where prices gained from a year earlier also rose from 36 in January to 49 last month.
In the near term, the central government's reintroduction of a 20 percent capital gains tax on profits from property sales, aimed to deter housing speculation, could also put pressure on prices in the new home market as some buyers may shift from the existing home market to avoid the higher tax burden that owners may pass on to them, Zhang said.
Excluding government-subsidized affordable housing, prices rose in 66 of the 70 cities monitored by the bureau, compared with 53 in January. Prices were flat in three cities while the other registered a drop.
Beijing and Guangzhou both posted a monthly gain of 3.1 percent, the fastest rate across the country. They were followed by Shanghai and Shenzhen, which advanced 2.3 percent and 2.2 percent, respectively, the bureau said.
In January, Shenzhen saw the biggest gain of 2.2 percent with Beijing second at 2.1 percent and Guangzhou third after a 2 percent rise.
Year on year, new home prices rose in 62 of the 70 cities, with a maximum gain of 8.2 percent. That compared to 53 in January, when the largest increase was 4.7 percent.
"Continuously improving sentiment in the housing market, mainly fueled by demand from owner-occupiers, has been boosting home prices around the country, most notably in the larger cities," said Zhang Hongwei, a research director with Tospur, a Shanghai-based real estate consulting firm. "Sufficient market liquidity, meanwhile, also serves as a key factor contributing to home price increases."
New home purchases totaled 94.94 million square meters in China during the first two months of this year, a year-on-year increase of 55.2 percent, according to earlier data released by the bureau. By value, they surged 87.2 percent annually to 630.1 billion yuan (US$100 billion).
In the existing home market, 66 cities registered month-on-month price increases in February, compared to 51 in January. The number of cities where prices gained from a year earlier also rose from 36 in January to 49 last month.
In the near term, the central government's reintroduction of a 20 percent capital gains tax on profits from property sales, aimed to deter housing speculation, could also put pressure on prices in the new home market as some buyers may shift from the existing home market to avoid the higher tax burden that owners may pass on to them, Zhang said.
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