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Property prices continue rebound

PROPERTY prices increased 1 percent in July in 70 medium and large Chinese cities, the second consecutive monthly increase, the National Development and Reform Commission said today.

Prices rose 0.9 percent on a month-on-month basis, the fifth straight gain since March.

Across the country, the prices of new homes edged up 0.3 percent from a year earlier while they climbed 1.1 percent compared with June.

Among all, 43 cities registered year-on-year price increases in new homes while 26 cities suffered setbacks. On a month-on-month basis, 63 cities registered growth while 3 lost ground, the commission said.

In the existing home market, meanwhile, prices increased 3 percent from a year earlier and 0.9 percent from June.

In Shanghai, real estate prices edged up 0.1 percent last month from a year earlier while they gained 0.6 percent from a month earlier, according to the commission's online report.

While home prices in Shanghai continued their northward trend as the market rebounded after the Spring Festival, transaction volume started to fall last month primarily due to the higher prices.

Price of new homes, excluding those designated for relocated residents under urban redevelopment projects, rose 1.6 percent to 15,770 yuan (US$2,308) per square meter in July, the highest since June 2008.

However, during the same period, new home sales retreated 5.4 percent to 1.94 million square meters, according to the latest report released by the Shanghai Uwin Real Estate Information Services Co.

The existing housing market seemed to witness a same scenario.

While the average price of existing properties increased 2.8 percent to 12,760 yuan per square meter in Shanghai last month, transaction volume dropped 6.6 percent to about 29,200 units, said Century 21 China Real Estate, a leading property brokerage chain.


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