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Policies boost housing index
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SHANGHAI’S pre-owned house index turned around in November for the first time in six months as government policies to bolster a sagging property market were just the tonic to lift buyers’ sentiment.
The index, which tracks month-on-month price changes of pre-owned houses across the city, gained 0.18 percent, or 6 points, from October to 2,893, the Shanghai Existing House Index Office said in its latest report.
“Government measures launched over the past month to fight against sluggish property sales boosted the city’s existing home market as more than 20,000 units of properties were traded last month,” Chen Zhen from the index office said yesterday.
Buyers took advantage of a revised criteria for “normal” housing by the local industry watchdog and the latest interest rate cut by China’s central bank — the first of its kind in more than two years.
Of the 130 areas tracked in the city, prices rose in 74, a gain of 58 from October. Prices fell in 43 areas and were flat in the remaining 13 areas.
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