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Property prices not seen to rebound as rules stay
Source: Xinhua |
September 24, 2012, Monday
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REAL estate prices in China are in no condition to rebound with the government firmly set to continue regulating the property market, said the Ministry of Housing and Urban-Rural Development.
Despite a rise in sales in recent months, speculative buying is still under control, and both property prices and housing inventories have remained at a stable level, a ministry official was quoted by yesterday's People's Daily, the flagship newspaper of the Communist Party of China, as saying.
The recent rebound in home-buying activities is due to higher demand that had been suppressed and by an increase of new housing supply and lower loan rates, said the official, whose name was not provided by the newspaper.
In August, out of a statistical pool of 70 major cities, 36 cities posted higher new house prices than a month earlier, according to data released by the National Bureau of Statistics.
On an annual basis, 14 out of the 70 cities saw price gains of up to 1.3 percent annually last month.
There has not been a widespread rebound in property prices, said the official.
Though expectations of price rises have spurred some rush-buying in June and July, in general, most house buyers are looking for starter homes instead of speculative deals, said the official, who expects the completion of more affordable housing will further stabilize market expectations.
In August, the government tried to curb the bounce-back of sales by reiterating its firm stance on property tightening, which has started to pay off, the official said.
Sales of new commercial properties shed 4.1 percent annually to 570 million square meters in the first eight months of 2012, the statistics bureau said.
Also, with rising investment in the property sector, supplies of available homes will be adequate in future months, the official said, citing figures that property investment totalled 4.4 trillion yuan (US$698 million) in the January-August period, up 15.6 percent annually.
Meanwhile, new commercial properties that started construction fell 11.1 percent from the same period last year, down 2.3 percentage points from the January-July level.
But the official also noted that negative factors do exist against a stable property market, and that regulation over the sector is still at a crucial stage.
Despite a rise in sales in recent months, speculative buying is still under control, and both property prices and housing inventories have remained at a stable level, a ministry official was quoted by yesterday's People's Daily, the flagship newspaper of the Communist Party of China, as saying.
The recent rebound in home-buying activities is due to higher demand that had been suppressed and by an increase of new housing supply and lower loan rates, said the official, whose name was not provided by the newspaper.
In August, out of a statistical pool of 70 major cities, 36 cities posted higher new house prices than a month earlier, according to data released by the National Bureau of Statistics.
On an annual basis, 14 out of the 70 cities saw price gains of up to 1.3 percent annually last month.
There has not been a widespread rebound in property prices, said the official.
Though expectations of price rises have spurred some rush-buying in June and July, in general, most house buyers are looking for starter homes instead of speculative deals, said the official, who expects the completion of more affordable housing will further stabilize market expectations.
In August, the government tried to curb the bounce-back of sales by reiterating its firm stance on property tightening, which has started to pay off, the official said.
Sales of new commercial properties shed 4.1 percent annually to 570 million square meters in the first eight months of 2012, the statistics bureau said.
Also, with rising investment in the property sector, supplies of available homes will be adequate in future months, the official said, citing figures that property investment totalled 4.4 trillion yuan (US$698 million) in the January-August period, up 15.6 percent annually.
Meanwhile, new commercial properties that started construction fell 11.1 percent from the same period last year, down 2.3 percentage points from the January-July level.
But the official also noted that negative factors do exist against a stable property market, and that regulation over the sector is still at a crucial stage.
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