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Housing prices rise slowest in 11 months
Source: Bloomberg News |
August 2, 2011, Tuesday
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CHINA'S home prices rose at the slowest pace in 11 months in July after the government boosted efforts to curb the risk of an asset bubble, said SouFun Holdings Ltd yesterday.
Home prices gained 0.2 percent in July from June, the slowest since August last year. Residential prices increased in 66 out of 100 cities tracked by the nation's biggest real-estate website owner, with average home values nationwide climbing to 8,874 yuan (US$$1,378) a square meter, SouFun said on its website.
China's State Council said last month it will expand measures to curb residential prices to smaller cities after limiting home purchases in metropolitan areas, including Beijing and Shanghai. The government is deepening real-estate restrictions nationwide after developers posted gains in first-half sales and housing transactions climbed 31 percent in June, even as down payments on some mortgages were increased this year.
"China's property market is cooling down gradually, but it's still not obvious," said Peter Bai Hongwei, a Beijing-based property analyst at China International Capital Corp, the country's biggest investment bank. "With high inflation and investment, it's unlikely home prices will drop soon."
Home prices in July rose 6.8 percent from a year ago. The central city of Yichang rose 1.9 percent from June, the biggest gain. Those in Shanghai rose 0.4 percent and Beijing 0.1 percent in July from June.
Home prices gained 0.2 percent in July from June, the slowest since August last year. Residential prices increased in 66 out of 100 cities tracked by the nation's biggest real-estate website owner, with average home values nationwide climbing to 8,874 yuan (US$$1,378) a square meter, SouFun said on its website.
China's State Council said last month it will expand measures to curb residential prices to smaller cities after limiting home purchases in metropolitan areas, including Beijing and Shanghai. The government is deepening real-estate restrictions nationwide after developers posted gains in first-half sales and housing transactions climbed 31 percent in June, even as down payments on some mortgages were increased this year.
"China's property market is cooling down gradually, but it's still not obvious," said Peter Bai Hongwei, a Beijing-based property analyst at China International Capital Corp, the country's biggest investment bank. "With high inflation and investment, it's unlikely home prices will drop soon."
Home prices in July rose 6.8 percent from a year ago. The central city of Yichang rose 1.9 percent from June, the biggest gain. Those in Shanghai rose 0.4 percent and Beijing 0.1 percent in July from June.
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