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October 21, 2021

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Housing market continues to ease

China’s 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’s new home prices fell 0.1 percent from August. New home prices in Shanghai and Shenzhen increased 0.2 percent month on month. Beijing’s 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’s strict housing sector regulations that say “housing is for living in, not for speculation.” In September, some cities intensified their regulations on property speculation.

Xiamen in southeast China’s Fujian Province further tightened curbs by prohibiting first-time home-buyers from reselling for five years.

“We expect Beijing to stick to its tightening measures in the property sector and in industries with high carbon emissions and energy intensity,” said Lu Ting, chief China economist with Nomura. “Beijing may step up monetary and fiscal support, but a sharp growth slowdown appears inevitable.

“Prices of both new and existing homes have actually declined in a majority of cities.”

Yesterday’s data showed China’s 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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