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New home prices rally for third month
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CHINA’S new home prices increased in July for the third straight month, a survey showed yesterday, as the market continued to recover on the back of government policy support.
The average price of a new home in China’s 100 major cities rose 0.54 percent month-on-month to 10,685 yuan (US$1,721) per square meters, the China Index Academy said in a report. The result, however, marked a slight deceleration from a 0.56 percent gain in June.
The average price edged up 0.5 percent in May, the first increase in four months.
Prices fell for eight consecutive months through December last year before rising in January.
The streak of gains comes as authorities have taken steps to support the property market, a key sector for the world’s second-largest economy. Land sales to developers are also a major source of revenue for cash-strapped local governments.
The People’s Bank of China in June announced its latest cut in benchmark interest rates, the fourth such move since November, and has eased mortgage policies.
In late March, the PBOC lowered minimum down payment levels on second homes nationwide, rolling back a four-year-old policy implemented to rein in soaring prices that were making homes too expensive for many buyers and raising worries over social unrest.
The central bank also shortened the ownership period during which sellers are liable for a 20-percent capital gains tax on properties other than their main home.
CIA said it expects “confidence in the real estate market to steadily increase as stabilization policies are aggressively implemented and the market continues to warm back up.”
On a year-on-year basis new home prices fell 1.38 percent in July, improving sharply from a decline of 2.70 percent in June, according to the CIA figures.
The average price in China’s top 10 cities was 19,580 yuan per square meters, up 1.30 percent from a year earlier — rebounding from a fall of 0.82 percent in June.
Meanwhile, the number of new residential projects offering discounts rose to a two-year high this month in Shanghai, a leading real estate website Fang.com said in a report released yesterday.
Citywide, a total of 197 projects, both apartments and villas, are providing price cuts this month, a month-over-month increase of 10.7 percent and an annual rise of 49.2 percent
The majority of projects offering notable discounts are medium- to high-end projects targeting home upgraders, according to the report.
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