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Housing market cools in more Chinese cities

By Cherry Cao | July 18, 2016, Monday | Online Edition

THE number of Chinese cities seeing house prices rise fell for the second month in June amid a continuously slower growth pace, according to the National Bureau of Statistics.

New home prices, excluding government-funded affordable housing, rose in 55 cities last month, five less than in May, the bureau, which monitors prices in 70 cities across the country, said today. They fell in 10 cities and remained unchanged in the rest five.

Hefei in east China's Anhui Province led the gainers with an increase of 4.9 percent compared to May. It was followed by Xiamen in the southeastern Fujian Province where prices were up 4.7 percent and Nanjing where they rose 4 percent.

"The pace of price growth in new and existing housing markets both decelerated last month, by 0.1 percentage point and 0.2 percentage points, respectively, from May," said Liu Jianwei, a senior bureau statistician. "In particular, the average pace in first-tier cities still managed to quicken a little while those in second-tier and tertiary cities continued to slow down."

The growth in new home prices in the country's 70 major cities climbed 1.8 percent on average from a month earlier while in the pre-occupied housing market, price increased by an average 1.2 percent from May, the bureau's data showed.

In the four gateway cities, new home prices in Shenzhen led with a 2.6 percent month-over-month gain, followed by Shanghai, Beijing and Guangzhou, where prices rose 2.4 percent, 2.3 percent and 1.8 percent, respectively.

Year on year, new home prices rose in 57 cities in June, fell in 12 cities and remained flat in the remainder one.

In the pre-owned market, prices gained in 52 cities in June from a year earlier, decreased in 16 cities and remained unchanged in two cities.

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