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New home prices fall on holiday
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NEW home prices in China fell in February again amid slack sentiment among buyers and real estate developers during the festive season, a report released yesterday by the China Index Academy showed.
The average price of new houses in 100 cities dipped 0.24 percent from a month earlier to 10,539 yuan (US$1,700) per square meter, the academy said. That followed a 0.21 percent rise in January, which was the first gain in nine months.
“Affected by the Spring Festival holiday, which is a traditional low season for property purchase, momentum among both home seekers and developers remained flat,” the academy said. “However, looking forward, optimism prevails and a stable performance is expected for the rest of this year, with favorable policies announced by the government.”
The People’s Bank of China on Saturday cut the interest rates for the second time in three months in its latest step to curb the economic slowdown.
“The latest move by the central bank will benefit both home buyers and developers, and will leave positive impact over the market,” said Lu Qilin, a researcher with Shanghai Deovelente Realty Co. “We expect a quite notable pickup in transactions in March after encouraging signs from the policy aspect.”
Nationwide, 61 of the 100 cities saw prices fall month on month, with 17 of them posting a price drop of over 1 percent, compared with 16 in January, according to the academy.
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