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Housing prices fall for ninth straight month
By Cherry Cao |
June 2, 2012, Saturday
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Print Edition
Print Edition
HOME prices in China continued to fall in May, extending their weakness for the ninth consecutive month.
Prices withdrew an average 0.31 percent from April to 8,684 yuan (US$1,372) per square meter in 100 major cities across the country, according to a China Index Academy research released yesterday.
Prices dropped in 73 cities, compared with 71 in April, with 17 seeing falls of more than 1 percent, a monthly increase of three. Gains were posted in 26 cities while one saw no change from the previous month.
Year on year, home prices in 100 cities dropped 1.53 percent on average, with 60 cities seeing a loss in value, compared with 49 cities in April, the academy said.
"This was the second straight month that both a monthly and a yearly decline were registered," said Sky Xue, an analyst at China Real Estate Information Corp. "As no policy loosening is expected, at least in the short term, this trend will continue."
The average cost of homes in the 10 largest cities, including Shanghai, Beijing, Guangzhou and Chongqing, meanwhile, fell 0.5 percent from a month earlier to 15,314 yuan per square meter, with Shanghai and Wuhan suffering the largest drop of 0.96 percent, followed by Hangzhou, which lost 0.92 percent.
The number of Chinese cities recording decreases in new home values from a year earlier rose to the highest level yet in April as government curbs on property speculation persist, the National Bureau of Statistics said earlier.
Prices withdrew an average 0.31 percent from April to 8,684 yuan (US$1,372) per square meter in 100 major cities across the country, according to a China Index Academy research released yesterday.
Prices dropped in 73 cities, compared with 71 in April, with 17 seeing falls of more than 1 percent, a monthly increase of three. Gains were posted in 26 cities while one saw no change from the previous month.
Year on year, home prices in 100 cities dropped 1.53 percent on average, with 60 cities seeing a loss in value, compared with 49 cities in April, the academy said.
"This was the second straight month that both a monthly and a yearly decline were registered," said Sky Xue, an analyst at China Real Estate Information Corp. "As no policy loosening is expected, at least in the short term, this trend will continue."
The average cost of homes in the 10 largest cities, including Shanghai, Beijing, Guangzhou and Chongqing, meanwhile, fell 0.5 percent from a month earlier to 15,314 yuan per square meter, with Shanghai and Wuhan suffering the largest drop of 0.96 percent, followed by Hangzhou, which lost 0.92 percent.
The number of Chinese cities recording decreases in new home values from a year earlier rose to the highest level yet in April as government curbs on property speculation persist, the National Bureau of Statistics said earlier.
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