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Housing market continues to ease
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China鈥檚 housing market continued to ease in September due to strengthened market regulations, the National Bureau of Statistics said yesterday.
New home prices in the four first-tier cities were unchanged from a month earlier, compared with a month-on-month growth of 0.3 percent in August.
Guangzhou鈥檚 new home prices fell 0.1 percent from August. New home prices in Shanghai and Shenzhen increased 0.2 percent month on month. Beijing鈥檚 new home prices were unchanged in September, after a 0.2-percent rise in August.
Prices of second-hand homes in the four top-tier cities edged down 0.4 percent last month, reversing the mild month-on-month increase in August.
A total of 31 second-tier cities also saw no month-on-month change in new home prices, while 35 third-tier cities saw a month-on-month fall of 0.2 percent.
On a yearly basis, new home prices in the first-tier cities increased 5.3 percent in September. Prices of second-hand homes climbed 7.7 percent.
The latest data comes amid the country鈥檚 strict housing sector regulations that say 鈥渉ousing is for living in, not for speculation.鈥 In September, some cities intensified their regulations on property speculation.
Xiamen in southeast China鈥檚 Fujian Province further tightened curbs by prohibiting first-time home-buyers from reselling for five years.
鈥淲e expect Beijing to stick to its tightening measures in the property sector and in industries with high carbon emissions and energy intensity,鈥 said Lu Ting, chief China economist with Nomura. 鈥淏eijing may step up monetary and fiscal support, but a sharp growth slowdown appears inevitable.
鈥淧rices of both new and existing homes have actually declined in a majority of cities.鈥
Yesterday鈥檚 data showed China鈥檚 over-five-year loan prime rate, a market-based benchmark on which many lenders base their mortgage rates, remained unchanged from the previous 4.65 percent, the latest data from the National Interbank Funding Center showed.
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