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New home price falls in more Chinese cities
By Cherry Cao |
October 19, 2012, Friday
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Print Edition
Print Edition
THE price of new homes declined in more Chinese cities in September while buying sentiment rose across the country, according to National Bureau of Statistics data released yesterday.
Excluding government-subsidized affordable housing, prices fell in 24 of 70 cities monitored by the bureau, compared with 20 in August. Prices were flat in 15 cities, one more than in August.
"In general, home prices in China have begun to stabilize with minor growth still being registered in some parts of the country," said Lu Qilin, a researcher at Shanghai Deovolente Realty Co. "While the overall trend will be flat due to no major changes in policy, we could possibly see price drops over the next few months because some developers will offer discounts to trigger sales as the year-end is approaching."
New home prices were flat in Shanghai for the second straight month while they rose 0.4 percent from August in Guangzhou, one of the fastest in the country. Prices in Beijing and Shenzhen edged up 0.1 percent monthly in September.
Home buyers across the country displayed an improved sentiment last month, according to separate data released yesterday by the bureau.
New-home buying by value rose 3.3 percent to 3.38 trillion yuan (US$536 billion) in the country in the first nine months of the year, accelerating from a gain of 2.3 percent between January and August. In September, 540.4 billion yuan worth of new houses were sold nationwide, up from 450.8 billion yuan in August.
Excluding government-subsidized affordable housing, prices fell in 24 of 70 cities monitored by the bureau, compared with 20 in August. Prices were flat in 15 cities, one more than in August.
"In general, home prices in China have begun to stabilize with minor growth still being registered in some parts of the country," said Lu Qilin, a researcher at Shanghai Deovolente Realty Co. "While the overall trend will be flat due to no major changes in policy, we could possibly see price drops over the next few months because some developers will offer discounts to trigger sales as the year-end is approaching."
New home prices were flat in Shanghai for the second straight month while they rose 0.4 percent from August in Guangzhou, one of the fastest in the country. Prices in Beijing and Shenzhen edged up 0.1 percent monthly in September.
Home buyers across the country displayed an improved sentiment last month, according to separate data released yesterday by the bureau.
New-home buying by value rose 3.3 percent to 3.38 trillion yuan (US$536 billion) in the country in the first nine months of the year, accelerating from a gain of 2.3 percent between January and August. In September, 540.4 billion yuan worth of new houses were sold nationwide, up from 450.8 billion yuan in August.
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