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House prices continue to fall
By Cherry Cao |
April 19, 2012, Thursday
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Print Edition
Print Edition
HOME prices in the majority of Chinese cities continued to fall last month as the government pledged to stick with its price-curbing measures, according to National Bureau of Statistics data released yesterday.
Excluding government-funded affordable housing, prices fell in 46 of the 70 cities monitored by the bureau compared to February. That compared to 45 cities that saw month-on-month declines in February.
Meanwhile, 38 cities saw year-on-year drops in the price of new residential property last month, compared to 27 in February.
"That was the highest number of declines from a year earlier since September 2011 when a year-on-year price decrease was detected again among the 70 cities," said Ma Xiaoming, a senior statistician at the bureau. "Among the 38 cities, half of them, including the four gateway ones, witnessed larger drops, more evidence that property curbs by the government have been having a lasting impact on the market."
In Shanghai, Beijing, Guangzhou and Shenzhen, where house purchase restrictions have been strictly enforced, new home prices lost between 0.3 percent and 1.1 percent in March from a year earlier. In February, Guangzhou gained 0.3 percent while the others fell by a maximum of 0.4 percent.
Month on month, the four cities fell by between 0.2 percent and 0.5 percent, extending losses for the sixth consecutive month, the bureau said.
Prices for previously owned homes fell in 42 cities last month. They were unchanged from a month ago in 12 cities while the remaining 16 saw gains of no more than 0.8 percent.
An earlier survey by the China Index Academy, which tracked 100 cities across the country, found home prices fell by an average of 0.3 percent in March, extending weakness for the seventh straight month. About two thirds of the cities saw monthly price drops, the academy said.
Sales of new homes in China recorded double digit declines in both volume and value in the first quarter.
By volume, sales fell 15.5 percent year on year to 133.87 million square meters during the three-month period while by value, they fell 17.5 percent to 709.9 billion yuan (US$112.7 billion), the bureau said last week.
Excluding government-funded affordable housing, prices fell in 46 of the 70 cities monitored by the bureau compared to February. That compared to 45 cities that saw month-on-month declines in February.
Meanwhile, 38 cities saw year-on-year drops in the price of new residential property last month, compared to 27 in February.
"That was the highest number of declines from a year earlier since September 2011 when a year-on-year price decrease was detected again among the 70 cities," said Ma Xiaoming, a senior statistician at the bureau. "Among the 38 cities, half of them, including the four gateway ones, witnessed larger drops, more evidence that property curbs by the government have been having a lasting impact on the market."
In Shanghai, Beijing, Guangzhou and Shenzhen, where house purchase restrictions have been strictly enforced, new home prices lost between 0.3 percent and 1.1 percent in March from a year earlier. In February, Guangzhou gained 0.3 percent while the others fell by a maximum of 0.4 percent.
Month on month, the four cities fell by between 0.2 percent and 0.5 percent, extending losses for the sixth consecutive month, the bureau said.
Prices for previously owned homes fell in 42 cities last month. They were unchanged from a month ago in 12 cities while the remaining 16 saw gains of no more than 0.8 percent.
An earlier survey by the China Index Academy, which tracked 100 cities across the country, found home prices fell by an average of 0.3 percent in March, extending weakness for the seventh straight month. About two thirds of the cities saw monthly price drops, the academy said.
Sales of new homes in China recorded double digit declines in both volume and value in the first quarter.
By volume, sales fell 15.5 percent year on year to 133.87 million square meters during the three-month period while by value, they fell 17.5 percent to 709.9 billion yuan (US$112.7 billion), the bureau said last week.
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