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Housing prices decline in 64 out of 70 major Chinese cities

By Cherry Cao | August 18, 2014, Monday | Online Edition

ONLY two Chinese cities out of 70 registered a month-on-month increase in home prices in Jul, a national survey said today, adding to further evidence that the country's housing market remained in a correction.

The number of Chinese cities recording monthly price decreases climbed to 64 in July from June's 55, according to a statement released by the National Bureau of Statistics which tracks housing prices in 70 major cities.

Prices were flat in four cities, compared to seven in June, the bureau's data showed.

"Amid continuously uncertain prospects in the real estate market, home searchers across the country continued to take a wait-and-see attitude, a reason behind further eased momentum," said Liu Jianwei, a senior statistician at the bureau. "While 65 cities continued to record price gains on a year-on-year basis, all of them saw slower growth."

On average, national housing prices fell 0.9 percent month over month in July, the third monthly decline in a row.

Nationwide, Hangzhou continued to lead all decliners. Home prices in the capital of eastern Zhejiang Province dropped 2.5 percent from June. It was immediately trailed by Sanya in southern Hainan Province where prices fell 2.4 percent from a month earlier.

Xiamen in Fujian Province and Dali in Yunnan Province, meanwhile, were the only two cities registering a month-on-month price growth, by 0.2 percent and 0.1 percent, respectively, according to the bureau.

In Shanghai, Beijing, Guangzhou and Shenzhen, new home prices in July fell 1.4 percent, 1.3 percent, 1.3 percent and 0.6 percent, respectively, from June.

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