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January 21, 2017

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Home » Business » Real Estate

Rein-in measures effective in curbing home buying spree

MEASURES imposed in major cities around the country proved effective to curb sentiment among buyers as new home sales continued to grow more slowly, data released yesterday by the National Bureau of Statistics showed.

New homes worth 9.9 trillion yuan (US$1.4 trillion), excluding government-funded affordable housing, were sold across the country in 2016, a year-on-year increase of 36.1 percent. The gain slowed from the 39.3 percent rise in the first 11 months of last year and a 42.6 percent jump between January and October.

The area of new homes sold during the 12-month period grew 22.4 percent from a year earlier to more than 1.37 billion square meters. The rise, however, slowed from the 24.5 percent gain in the first 11 months and the 27 percent increase in the first 10 months of last year, according to the bureau’s data.

“We expect the market to remain healthy this year,” said Ning Jizhe, the bureau chief, adding that the government will continue to support demand from end-users and crack down on speculators.

More than 20 cities, including four first-tier cities and major second-tier ones, have introduced tighter measures since late September to cool overheated housing markets where rapidly surging property prices are putting homes out of reach of ordinary people. The rising prices may trigger higher risks of asset bubbles that might pose a threat to the country’s real economy.

Between January and December, investment in housing developments rose 6.4 percent year on year to 6.87 trillion yuan, up 0.4 percentage points from the first 11 months, according to the bureau.


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