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November 12, 2016

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Home » Business » Real Estate

House prices climb at slower pace

HOUSE prices in China increased at a slower pace in October as tightening measures aimed at cooling the market began to take effect, the China Index Academy said yesterday in a report.

The average cost of a new home rose 1.65 percent from a month earlier to 12,825 yuan (US$1,878) per square meter, slowing from September’s 2.83 percent growth, the academy said. It monitors market activity in 100 cities nationwide.

Prices rose in 79 cities in October, down from 81 in September. They fell in the other 21 cities.

Wuhu in Anhui Province led with a month-over-month price gain of 4.35 percent, trailed by Changsha in Hunan Province.

Among the country’s four gateway cities, Guangzhou took the lead with a monthly gain of 2.82 percent, followed by Beijing, Shanghai and Shenzhen, where new home prices rose 1.26 percent, 1.09 percent and 0.27 percent, respectively, from a month earlier.

“Most of the cities we track registered rather stable performances last month as rein-in policies launched in many cities across the country around the National Day holiday have made preliminary achievement in cooling down the overheated property market,” the academy said.

“Looking forward, the latest round of tightening measures is expected to extend its force over the coming months and continue to bring realism back to the market as the year end is approaching.”

The median price of a new home in the 100 cities stood at 7,306 yuan per square meter in October, a month-on-month increase of 2.2 percent and a year-on-year gain of 2.67 percent, according to the academy.

More than 20 Chinese cities, mainly first-tier and some second-tier where prices have been surging this year, have recently implemented a series of austerity measures that include higher down payment requirement and more stringent home purchase restrictions.


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