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Modest rise in home prices in major cities
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HOME prices in China鈥檚 first and second-tier cities are set to grow moderately in 2016 while those in third-tier cities might be subdued amid high inventory and flat demand, according to latest forecasts by UBS AG.
鈥淭he country鈥檚 four gateway cities are expected to record an average year-on-year increase of at least 5 percent in home prices whereas in second-tier ones the annual growth should be no more than 5 percent,鈥 said Eva Lee, head of China Real Estate Research at UBS.
She added that prices in third-tier cities are unlikely to rise amid an oversupply situation.
First-tier cities are in relatively better shape and the inventory of second-tier cities will also gradually improve, according to UBS. But third-tier cities still face higher inventory that will take some time to resolve.
The overall supply of residential properties nationwide might fall 14 percent in 2015 from a year earlier, with the sharper drop in supply being focused in first and second-tier cities.
Also, first and second-tier cities might see a better recovery in demand last year while third-tier ones might post moderate growth, UBS said.
Lee sees more cuts in interest rates and reserve requirement ratios, and easier mortgage policies this year.
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