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Property prices up for 18th month
By Cao Qian |
December 11, 2010, Saturday
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Print Edition
Print Edition
URBAN property prices in China rose for the 18th consecutive month in November despite the fact that year-on-year growth has been decelerating for seven straight months.
Real estate prices in 70 major Chinese cities advanced 7.7 percent last month from a year earlier, the National Bureau of Statistics said yesterday.
Property prices across the country rose fastest in April at 12.8 percent but started to slow down in May.
Tightening measures announced by central government in mid April helped rein in property speculation to some extent and curbed prices. On a month-on-month basis, however, real estate prices edged up 0.3 percent in November, compared to a 0.2 percent gain in October.
"On the whole, the current rein-in policies are still far from effective to bring down housing prices and fail to meet public expectations though smaller growth has been registered over the past seven months," said Song Huiyong, a research director at Shanghai Centaline Property Consultants Ltd.
"The market has so far remained stable in terms of home prices after two rounds of tightening measures - the first since mid April and the second since late September - and perhaps it is time for the government to introduce some new polices."
Across the country, prices of new and existing homes jumped 9.3 percent and 5.6 percent in November from a year earlier, compared with 10.6 and 5.9 percent increases in October.
In Shanghai, they rose 2.3 percent and 4.4 percent.
New-property sales continued to grow in the first 11 months. Between January and November, sales jumped 9.8 percent year on year to 825 million square meters, accelerating from a growth of 9.1 percent for the first 10 months. By value, they rose 17.5 percent to 4.23 trillion yuan, the bureau said.
In Shanghai, new-home prices climbed for the fifth consecutive month in November, with average new apartment prices reaching a record.
New homes, excluding those built for relocated residents under urban redevelopment plans, were sold for an average 22,468 yuan (US$3,373) per square meter across the city last month, up 2.5 percent from October, according to Shanghai Uwin Real Estate Information Services Co.
The average price of new apartments reached 21,278 yuan per square meter, the highest in the city so far.
Real estate prices in 70 major Chinese cities advanced 7.7 percent last month from a year earlier, the National Bureau of Statistics said yesterday.
Property prices across the country rose fastest in April at 12.8 percent but started to slow down in May.
Tightening measures announced by central government in mid April helped rein in property speculation to some extent and curbed prices. On a month-on-month basis, however, real estate prices edged up 0.3 percent in November, compared to a 0.2 percent gain in October.
"On the whole, the current rein-in policies are still far from effective to bring down housing prices and fail to meet public expectations though smaller growth has been registered over the past seven months," said Song Huiyong, a research director at Shanghai Centaline Property Consultants Ltd.
"The market has so far remained stable in terms of home prices after two rounds of tightening measures - the first since mid April and the second since late September - and perhaps it is time for the government to introduce some new polices."
Across the country, prices of new and existing homes jumped 9.3 percent and 5.6 percent in November from a year earlier, compared with 10.6 and 5.9 percent increases in October.
In Shanghai, they rose 2.3 percent and 4.4 percent.
New-property sales continued to grow in the first 11 months. Between January and November, sales jumped 9.8 percent year on year to 825 million square meters, accelerating from a growth of 9.1 percent for the first 10 months. By value, they rose 17.5 percent to 4.23 trillion yuan, the bureau said.
In Shanghai, new-home prices climbed for the fifth consecutive month in November, with average new apartment prices reaching a record.
New homes, excluding those built for relocated residents under urban redevelopment plans, were sold for an average 22,468 yuan (US$3,373) per square meter across the city last month, up 2.5 percent from October, according to Shanghai Uwin Real Estate Information Services Co.
The average price of new apartments reached 21,278 yuan per square meter, the highest in the city so far.
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