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Housing index climbs again
By Cao Qian |
February 10, 2011, Thursday
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Print Edition
Print Edition
SHANGHAI'S existing housing index rose for the fifth consecutive month in January.
The index, which monitors price fluctuations of existing homes across the city, gained 9 points, or 0.34 percent, from a month earlier to 2,575, the Shanghai Existing House Index Office said yesterday.
The prices of existing homes in five downtown districts in Puxi and Pudong's part within the Inner Ring Road rose an average 0.48 percent last month. Meanwhile, 62 of the 72 areas tracked saw an average price rise of 0.46 percent while the balance dipped 0.41 percent on average.
"The past month witnessed a really mixed performance as the central government introduced a new set of tightening measures on January 26 and 27 in a continuous effort to cool the housing market," said Tao Ting, an analyst of the index office. "Buyers rushed to secure deals during the first 26 days amid market speculation that further curbing policies would be launched, and buying sentiment plunged in the last couple of days of the month after official announcements from the government."
China increased the down-payment requirement for second-home buyers from 50 percent to 60 percent on January 26 and launched trial operations for a property tax in Shanghai and Chongqing the next day after earlier rounds of tightening measures seemed ineffective to cool home prices.
Existing homes in Longbai in Shanghai's Minhang District rose 1.22 percent from a month earlier, the largest rise of all monitored areas, and those in Longhua in Xuhui District climbed 1.21 percent.
The index, which monitors price fluctuations of existing homes across the city, gained 9 points, or 0.34 percent, from a month earlier to 2,575, the Shanghai Existing House Index Office said yesterday.
The prices of existing homes in five downtown districts in Puxi and Pudong's part within the Inner Ring Road rose an average 0.48 percent last month. Meanwhile, 62 of the 72 areas tracked saw an average price rise of 0.46 percent while the balance dipped 0.41 percent on average.
"The past month witnessed a really mixed performance as the central government introduced a new set of tightening measures on January 26 and 27 in a continuous effort to cool the housing market," said Tao Ting, an analyst of the index office. "Buyers rushed to secure deals during the first 26 days amid market speculation that further curbing policies would be launched, and buying sentiment plunged in the last couple of days of the month after official announcements from the government."
China increased the down-payment requirement for second-home buyers from 50 percent to 60 percent on January 26 and launched trial operations for a property tax in Shanghai and Chongqing the next day after earlier rounds of tightening measures seemed ineffective to cool home prices.
Existing homes in Longbai in Shanghai's Minhang District rose 1.22 percent from a month earlier, the largest rise of all monitored areas, and those in Longhua in Xuhui District climbed 1.21 percent.
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