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House prices continue to fall in major cities
By Cao Qian |
May 3, 2012, Thursday
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Print Edition
Print Edition
House prices in China fell for the eighth straight month in April.
Prices fell an average of 0.34 percent from March to 8,711 yuan (US$1,381) per square meter in 100 major cities across the country, according to China Index Academy research released yesterday.
Prices dropped in 71 cities, compared to 66 in March, with 14 seeing falls of more than 1 percent, compared to 10 the previous month. Gains were posted in the other 29 cities.
"While home prices across the country declined month-on-month for the eighth month in a row, it was the first time since June 2011 that a year-on-year drop was registered," said Sky Xue, an analyst at China Real Estate Information Corp. "That was clear evidence that a downward trend has been further confirmed as government measures to cool the domestic property market continue to work."
Year-on-year, home prices in 100 cities fell an average of 0.71 percent, with 49 cities recording a loss in value, compared to 37 in March, the academy said.
The average cost of homes in the 10 largest cities, which include Shanghai, Beijing and Guangzhou, meanwhile, fell 0.41 percent from a month earlier to 15,391 yuan per square meter in April, with Shenzhen suffering the largest drop of 0.82 percent, followed by Guangzhou and Shanghai, which lost 0.74 percent and 0.65 percent, respectively.
Year-on-year, house prices in the 10 cities fell an average 2.6 percent, the fourth consecutive month they had fallen.
The National Bureau of Statistics said that 46 of the 70 cities it tracks saw month-on-month drops in the price of new homes in March and 38 of the 70 registered year-on-year drops, the highest number of declines from a year earlier since September 2011.
Prices fell an average of 0.34 percent from March to 8,711 yuan (US$1,381) per square meter in 100 major cities across the country, according to China Index Academy research released yesterday.
Prices dropped in 71 cities, compared to 66 in March, with 14 seeing falls of more than 1 percent, compared to 10 the previous month. Gains were posted in the other 29 cities.
"While home prices across the country declined month-on-month for the eighth month in a row, it was the first time since June 2011 that a year-on-year drop was registered," said Sky Xue, an analyst at China Real Estate Information Corp. "That was clear evidence that a downward trend has been further confirmed as government measures to cool the domestic property market continue to work."
Year-on-year, home prices in 100 cities fell an average of 0.71 percent, with 49 cities recording a loss in value, compared to 37 in March, the academy said.
The average cost of homes in the 10 largest cities, which include Shanghai, Beijing and Guangzhou, meanwhile, fell 0.41 percent from a month earlier to 15,391 yuan per square meter in April, with Shenzhen suffering the largest drop of 0.82 percent, followed by Guangzhou and Shanghai, which lost 0.74 percent and 0.65 percent, respectively.
Year-on-year, house prices in the 10 cities fell an average 2.6 percent, the fourth consecutive month they had fallen.
The National Bureau of Statistics said that 46 of the 70 cities it tracks saw month-on-month drops in the price of new homes in March and 38 of the 70 registered year-on-year drops, the highest number of declines from a year earlier since September 2011.
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