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New home prices rise slows

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

NEW home prices in China maintained its upward trajectory despite a continuously weakening pace, according to official data released today.

Prices climbed in 27 cities last month, 12 less than in September, the National Bureau of Statistics, which tracks housing prices in 70 cities around the country, said in a statement posted on its website. Prices in 10 cities remained unchanged while they fell in the rest 33.

Shanghai led the gainers with a month-over-month increase of 2.1 percent, accelerating from a 1.9 percent rise in September. It was followed by Xiamen in southeastern Fujian Province and Nanjing in eastern Jiangsu Province, both of which registering a 1.3 percent monthly increase. Shenzhen in southern Guangdong Province, which had led gainers for ten consecutive months, fell to the fourth place with new home prices there climbing 1.2 percent from a month earlier.

"The number of cities seeing month-over-month price growth fell in both new and existing home markets, which resulted in an overall decelerating pace around the country," said Liu Jianwei, a senior bureau statistician. "By cities, home prices in first- and second-tier ones recorded slower growth while new home prices in tertiary cities started to decline and prices of previously-owned houses there stayed flat."

On an annual basis, prices of new and pre-owned homes continued to rise faster last month -- up 1.5 percentage points and 1.4 percentage points, respectively, from September -- with more cities seeing growing prices, the bureau's data showed. 

Nationwide, 16 cities recorded year-on-year growth in new home prices, an increase of four from August.

Shenzhen continued to lead with an annual surge of 40.3 percent, followed by gains of 12.7 percent in Shanghai, 8.1 percent in Beijing and 7.1 percent in Guangzhou. In September, the four gateway cities recorded year-on-year rises of 38.3 percent, 9.7 percent, 5.9 percent and 4.9 percent, respectively.

In the pre-owned home market, 24 cities saw prices grow from a year earlier, an increase of nine from September.

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