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Price of new homes in China slides on weak sales
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THE price of new homes in China continued to fall in February amid weak sales during the Spring Festival holiday, according to official figures.
Month-on-month price declines were registered in 66 cities in the month, compared with 64 in January. Prices were flat in two, compared with four in January, and rose in two cities, unchanged from a month earlier, the National Bureau of Statistics, which tracks prices in 70 cities, said yesterday.
“New home sales in the 70 cities fell in February by nearly 100,000 units from January due to seasonal factors,” said Liu Jianwei, the bureau’s senior statistician.
“While that was quite notable in first and second-tier cities, the sales decrease in tertiary cities was rather insignificant compared with their larger counterparts mainly because of a sales boom fueled by migrant workers going home for family reunions,” Liu said.
The average price of a new home in the country’s four first-tier cities fell after heading north for two consecutive months.
Shenzhen, where prices rose 0.2 percent from January, was the only city among the four to see a price growth. In Beijing, Shanghai and Guangzhou, new home prices dropped 0.3 percent, 0.1 percent and 0.2 percent, respectively, from January, the bureau said.
Nationwide, new home prices in Zhanjiang, Guangdong Province, fell 1.3 percent from a month earlier to lead the drop. That compared with a maximum 1.7 percent decline in January.
In the pre-owned homes market, the number of cities registering month-on-month falls was unchanged at 61. Prices rose in five and were flat in the other four.
On an annual basis, new home prices fell in 69 of the 70 cities monitored, unchanged from January.
The prices of pre-owned homes rose in one city from a year earlier, compared with three in January, the bureau said.
According to earlier figures, new home sales in China dropped 16.7 percent by value and 17.8 percent by volume year on year in the first two months of 2015.
Addressing a news conference at the end of China’s annual legislative session over the weekend, Premier Li Keqiang said the government will assign primary responsibility for the development of housing to local authorities, while providing guidance and support policies.
He said that all boded well for the stable and sound development of the country’s real estate market, as predicted by many industry analysts.
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