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House prices rise but pace slows
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Home prices in China’s major cities rose again in August although at a slower pace, according to National Bureau of Statistics data released yesterday.
Excluding government-funded affordable housing, prices for new residential properties increased in 66 of the 70 cities monitored by the bureau compared to 62 in July. In the existing housing market, 58 cities registered rises last month, compared with 57 in July.
New home prices in 19 cities rose more than 1 percent in August, an increase of seven from July. Shanghai and Guangzhou prices rose 1.7 percent.
July’s maximum increase was 2.2 percent.
In Beijing and Shenzhen, new home prices climbed 1.1 percent and 1.4 percent, respectively.
The pre-owned home market, meanwhile, saw prices rise more than 1 percent in three cities — Beijing, Shenzhen and Shaoguan — compared to only one in July.
“While home prices kept heading northward around the country, they actually advanced at a continuously decelerating pace,” said Liu Jianwei, a senior statistician at the bureau. “According to our rough calculations, on a month-on-month basis the pace of new home price increase in the 70 cities fell to an average 0.8 percent in August from a 1.7 percent growth in March.”
Year-on-year, data released yesterday continued to demonstrate a divergence in performance between first-tier and smaller cities. While the gateway cities of Beijing, Shanghai, Guangzhou and Shenzhen all saw notable new home price growth of between 18 and 20 percent from the same period a year ago, the majority of second-tier cities tracked by the bureau, including Tianjin, registered annual increases of between 7 and 10 percent. They were followed by third-tier cities, such as Tangshan, where a 6 percent rise was not uncommon, Liu said.
“Going ahead, the regional divergence man continue to evolve, as first-tier cities still face supply shortage but some small cities encounter the oversupply problem,” Zhu Haibin, chief economist at JPMorgan China, wrote in a report released yesterday.
Around the country, the number of new home purchases in China also slowed in the first eight months.
Between January and August, 3.85 trillion yuan (US$628 billion) of new homes were sold across the country, up 35.7 percent year on year, compared with a 39.9 percent rise in the first seven months and a 46 percent jump in the first half, the bureau said.
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