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House prices up for 3rd month
By Cherry Cao |
September 4, 2012, Tuesday
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Print Edition
Print Edition
HOUSE prices in China rose for the third straight month in August with more than 60 percent of cities surveyed recording monthly growth.
Average prices climbed 0.24 percent from July to 8,738 yuan (US$1,378) per square meter in 100 major cities across the country, according to China Index Academy research released yesterday. That compared with an increase of 0.33 percent in July and a gain of 0.05 percent in June, which was the first month-on-month growth since September 2011.
Nationwide, prices advanced in 63 cities, compared with 70 in July, with 10 seeing rises of more than 1 percent. Yangzhou in Jiangsu Province led all gainers with a monthly growth of 2.03 percent. Losses were posted in the remaining 37 cities, with five registering falls of more than 1 percent.
Year on year, home prices in the 100 cities fell 1.6 percent on average, the fifth drop in a row.
"Property transactions around the country remained rather stable last month and repeated government vows to maintain housing curbs and prevent a price rebound seemed to be effective in decelerating growth," the academy said.
The average cost of homes in the 10 largest cities, including Shanghai, Beijing and Guangzhou, rose 0.45 percent from July to 15,539 yuan per square meter, with Wuhan recording the biggest increase of 1.64 percent.
Last month, China sent eight inspection teams to Shanghai and 15 other provincial areas to monitor how measures to control the property market were being implemented.
"With home-purchase restrictions and differentiated mortgage policies remaining strictly in place, first-time buyers with limited budgets are still a dominant force in the market at the moment with sales of mid to high-end properties being comparatively sluggish," said Sky Xue, an analyst with China Real Estate Information Corp. "To further stabilize the market, the government needs to release more mid to low-end homes as well as affordable properties."
In Shanghai, buying sentiment for new homes ebbed again in August with average prices retreating from July's record amid a structural shift, according to separate research released yesterday.
Purchases of new homes, excluding government-funded affordable housing, fell 6.6 percent from July to 802,000 square meters, losing strength for the second month, Shanghai Deovolente Realty Co said.
The new homes were sold for an average 22,651 yuan per square meter, a drop of 7.9 percent from a month earlier.
"Despite the withdrawal, which was the second monthly decrease in a row, home transactions could still be regarded as robust if we take into consideration that August is a traditional slack season due to the extremely hot weather," said Lu Qilin, a Deovolente researcher. "The notable decline in average price, meanwhile, was a result from the fact that mid to low-end houses in outlying areas were the most popular with local buyers."
Six of the city's 10 best-selling residential projects last month cost less than 18,000 yuan per square meter, according to data from Shanghai Uwin Real Estate Information Services Co.
Average prices climbed 0.24 percent from July to 8,738 yuan (US$1,378) per square meter in 100 major cities across the country, according to China Index Academy research released yesterday. That compared with an increase of 0.33 percent in July and a gain of 0.05 percent in June, which was the first month-on-month growth since September 2011.
Nationwide, prices advanced in 63 cities, compared with 70 in July, with 10 seeing rises of more than 1 percent. Yangzhou in Jiangsu Province led all gainers with a monthly growth of 2.03 percent. Losses were posted in the remaining 37 cities, with five registering falls of more than 1 percent.
Year on year, home prices in the 100 cities fell 1.6 percent on average, the fifth drop in a row.
"Property transactions around the country remained rather stable last month and repeated government vows to maintain housing curbs and prevent a price rebound seemed to be effective in decelerating growth," the academy said.
The average cost of homes in the 10 largest cities, including Shanghai, Beijing and Guangzhou, rose 0.45 percent from July to 15,539 yuan per square meter, with Wuhan recording the biggest increase of 1.64 percent.
Last month, China sent eight inspection teams to Shanghai and 15 other provincial areas to monitor how measures to control the property market were being implemented.
"With home-purchase restrictions and differentiated mortgage policies remaining strictly in place, first-time buyers with limited budgets are still a dominant force in the market at the moment with sales of mid to high-end properties being comparatively sluggish," said Sky Xue, an analyst with China Real Estate Information Corp. "To further stabilize the market, the government needs to release more mid to low-end homes as well as affordable properties."
In Shanghai, buying sentiment for new homes ebbed again in August with average prices retreating from July's record amid a structural shift, according to separate research released yesterday.
Purchases of new homes, excluding government-funded affordable housing, fell 6.6 percent from July to 802,000 square meters, losing strength for the second month, Shanghai Deovolente Realty Co said.
The new homes were sold for an average 22,651 yuan per square meter, a drop of 7.9 percent from a month earlier.
"Despite the withdrawal, which was the second monthly decrease in a row, home transactions could still be regarded as robust if we take into consideration that August is a traditional slack season due to the extremely hot weather," said Lu Qilin, a Deovolente researcher. "The notable decline in average price, meanwhile, was a result from the fact that mid to low-end houses in outlying areas were the most popular with local buyers."
Six of the city's 10 best-selling residential projects last month cost less than 18,000 yuan per square meter, according to data from Shanghai Uwin Real Estate Information Services Co.
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