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House prices rise in more cities
By Cherry Cao |
December 19, 2012, Wednesday
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Print Edition
Print Edition
THE number of Chinese cities seeing monthly gains in new home prices continued to rise in November while the pace also accelerated, the National Bureau of Statistics said yesterday.
Excluding government-funded affordable housing, prices increased in 53 of the 70 cities tracked by the bureau, compared with 31 in September and 35 in October. Prices were flat in seven cities while the remainder registered a decline.
Luzhou in Sichuan Province registered a 1 percent monthly growth, the highest among the cities. In October, Urumqi in the Xinjiang Uygur Autonomous Region led with a 0.5 percent rise.
"Residential transaction volumes are expected to continue to rebound next year due to strong end-user demand despite the fact that the central government remains determined to curb the property market," said Thomas Lam, director and head of research for Knight Frank's China operation.
"We expect home prices in first-tier cities to grow by less than 5 percent in 2013, while those in second and third-tier cities could be under downward pressure."
The country's four gateway cities all recorded faster growth last month.
In Shanghai, new home prices climbed 0.2 percent after remaining unchanged for three straight months while in Beijing, they advanced 0.8 percent, compared to a gain of 0.3 percent in October.
Prices in Guangzhou and Shenzhen both rose 0.6 percent last month. In October, they both grew 0.4 percent.
The existing home market saw a similar trend, with half of the 70 cities seeing price increases in November, compared to 32 in October.
A report by the E-House China Research and Development Institute in Shanghai showed transactions of new residential properties in 10 major Chinese cities, excluding government-funded affordable housing, rose 7 percent month on month and 92 percent from a year earlier to 7.7 million square meters in November.
Between January and November, the value of new home purchases jumped 10.4 percent from a year ago to 4.47 trillion yuan (US$710 billion) across the country, compared with a 6.6 percent gain in the first 10 months.
Excluding government-funded affordable housing, prices increased in 53 of the 70 cities tracked by the bureau, compared with 31 in September and 35 in October. Prices were flat in seven cities while the remainder registered a decline.
Luzhou in Sichuan Province registered a 1 percent monthly growth, the highest among the cities. In October, Urumqi in the Xinjiang Uygur Autonomous Region led with a 0.5 percent rise.
"Residential transaction volumes are expected to continue to rebound next year due to strong end-user demand despite the fact that the central government remains determined to curb the property market," said Thomas Lam, director and head of research for Knight Frank's China operation.
"We expect home prices in first-tier cities to grow by less than 5 percent in 2013, while those in second and third-tier cities could be under downward pressure."
The country's four gateway cities all recorded faster growth last month.
In Shanghai, new home prices climbed 0.2 percent after remaining unchanged for three straight months while in Beijing, they advanced 0.8 percent, compared to a gain of 0.3 percent in October.
Prices in Guangzhou and Shenzhen both rose 0.6 percent last month. In October, they both grew 0.4 percent.
The existing home market saw a similar trend, with half of the 70 cities seeing price increases in November, compared to 32 in October.
A report by the E-House China Research and Development Institute in Shanghai showed transactions of new residential properties in 10 major Chinese cities, excluding government-funded affordable housing, rose 7 percent month on month and 92 percent from a year earlier to 7.7 million square meters in November.
Between January and November, the value of new home purchases jumped 10.4 percent from a year ago to 4.47 trillion yuan (US$710 billion) across the country, compared with a 6.6 percent gain in the first 10 months.
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