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Property prices rise 11.4% in June
By Cao Qian |
July 12, 2010, Monday
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Online Edition
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CHINA'S urban property prices continued to rise at a slower pace in June, extending their annual growth for the 13th consecutive month.
Real estate prices in 70 major cities on the Chinese mainland climbed 11.4 percent from a year earlier, the National Bureau of Statistics said today. That compared to a 12.4 percent growth in May and 12.8 percent in April. The April growth was the biggest year-on-year gain since July 2005, when the bureau doubled the number of cities it was tracking.
"The growth indicated that housing prices around the country are still yet to drop in a massive scale though government efforts to curb housing speculation have been taking some effect since mid April, a good explanation for a decelerated growth," said Shao Minghao, a research head at Shanghai Hanyu Property Consulting Co Ltd, a major realtor chain in the city.
"If the central government continues to take a tough stance and local governments are able to make full execution of those rein-in policies, a clear downward trend should be expected."
Across the country, prices of new and existing homes jumped 14.1 percent and 7.7 percent year on year in June while in Shanghai, they rose 9.5 percent and 7.8 percent respectively.
In the first half of this year, property sales by area rose 15.4 percent nationwide to 394 million square meters, 7.1 percentage points lower from the growth in the first five months, the statistics bureau said. Sales by value, meanwhile, jumped 25.4 percent to 1.98 trillion yuan (US$292 billion), 13 percentage points lower from the growth between January and May.
In Shanghai, sales of new homes plunged 56 percent to 3.57 million square meters during the first half of this year amid significantly damped buyer sentiment.
The six-month volume, excluding those designated for relocated residents under urban redevelopment plans, was the lowest registered over the past five years, according to Shanghai Uwin Real Estate Information Services Co, which started to track the city's new home market since 2006.
However, home prices remained high despite slashed volume. Between January and June, new homes in Shanghai were sold at an average price of 21,008 yuan per square meter, compared with 14,198 yuan per square meter a year earlier, Uwin statistics showed.
Real estate prices in 70 major cities on the Chinese mainland climbed 11.4 percent from a year earlier, the National Bureau of Statistics said today. That compared to a 12.4 percent growth in May and 12.8 percent in April. The April growth was the biggest year-on-year gain since July 2005, when the bureau doubled the number of cities it was tracking.
"The growth indicated that housing prices around the country are still yet to drop in a massive scale though government efforts to curb housing speculation have been taking some effect since mid April, a good explanation for a decelerated growth," said Shao Minghao, a research head at Shanghai Hanyu Property Consulting Co Ltd, a major realtor chain in the city.
"If the central government continues to take a tough stance and local governments are able to make full execution of those rein-in policies, a clear downward trend should be expected."
Across the country, prices of new and existing homes jumped 14.1 percent and 7.7 percent year on year in June while in Shanghai, they rose 9.5 percent and 7.8 percent respectively.
In the first half of this year, property sales by area rose 15.4 percent nationwide to 394 million square meters, 7.1 percentage points lower from the growth in the first five months, the statistics bureau said. Sales by value, meanwhile, jumped 25.4 percent to 1.98 trillion yuan (US$292 billion), 13 percentage points lower from the growth between January and May.
In Shanghai, sales of new homes plunged 56 percent to 3.57 million square meters during the first half of this year amid significantly damped buyer sentiment.
The six-month volume, excluding those designated for relocated residents under urban redevelopment plans, was the lowest registered over the past five years, according to Shanghai Uwin Real Estate Information Services Co, which started to track the city's new home market since 2006.
However, home prices remained high despite slashed volume. Between January and June, new homes in Shanghai were sold at an average price of 21,008 yuan per square meter, compared with 14,198 yuan per square meter a year earlier, Uwin statistics showed.
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