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More Chinese cities report property price declines

By Cherry Cao | March 18, 2015, Wednesday | Online Edition

NEW residential prices in China continued to fall in February amid slack sales during the Spring Festival holiday, a latest national survey showed.

Month-over-month price declines were registered in 66 cities last month, compared to 64 in January. Prices were flat in two, compared to four in January, while rising in two cities, unchanged from a month earlier, the National Bureau of Statistics, which tracks house prices in 70 cities, said on its website today.

"New home sales in the 70 cities fell in February by nearly 100,000 units from January due to some seasonal factor," said Liu Jianwei, the bureau’s senior statistician. "Interestingly, while that was quite notable in first- and second-tier cities, the sales decrease in tertiary cities seemed rather insignificant as compared to their larger counterparts because of a purchase boom fuelled mainly by migrant workers going home for family reunions."

Average price of new homes in the country's four first-tier cities fell again after heading north for two consecutive months. Shenzhen, where new housing price rose 0.2 percent from January, led all gainers and was the only city among the four to see a price growth. In Beijing, Shanghai and Guangzhou, new home prices dropped 0.3 percent, 0.1 percent and 0.2 percent, respectively, from a month earlier, according to the bureau.

Nationwide, new home prices in Zhanjiang, Guangdong Province, retreated 1.3 percent from a month earlier to lead the drop. That compared with a maximum 1.7 percent decline in January.

In the existing market, the number of cities registering month-on-month declines remained unchanged at 61. Prices rose in five cities and were flat in the rest four.

On an annual basis, new home prices in 69 of the 70 cities declined, unchanged from January. The prices of pre-occupied homes rose in only one city from a year earlier, compared to three registered a month earlier, the bureau said.

According to earlier released data by the bureau, new home sales in China dropped 16.7 percent by value and 17.8 percent by volume in the first two months of 2015 from same period a year earlier.

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