Home » Business » Real Estate
Shanghai house prices rise the most
Print Edition
Shanghai saw the largest yearly increase in new home prices last month, according to the National Bureau of Statistics data released yesterday.
Excluding government-funded affordable housing, prices for new residential properties rose year-on-year in 69 of the 70 cities monitored by the bureau, unchanged from September.
In Shanghai, new home prices surged 21.4 percent from same period a year ago, the fastest pace registered across the country. It was closely trailed by Beijing, Guangzhou and Shenzhen, where new home prices rose 21.2 percent, 20.7 percent and 20.6 percent, respectively.
Wenzhou in eastern Zhejiang Province was the only city recording a decline.
The reason first-tier cities continued to lead rises while prices in most second and third-tier cities grew at a more tempered pace was partly due to a low comparison base, the bureau said.
On a month-on-month basis, 65 of the 70 cities saw rises in new home prices, also the same as September.
“As we noticed, the pace of growth in new home prices averaged 0.7 percent in the 70 cities on a monthly basis, slowing 0.2 percentage points compared with that in September, as developers ramped up supplies to meet growing demand during the traditional sales season while some local governments also tightened price regulations,” said Liu Jianwei, a senior statistician at the bureau. “In the four first-tier cities, growth was also moderate last month.”
In Shanghai, Beijing, Guangzhou and Shenzhen new home prices climbed an average of 0.9 percent in October from the month before, compared to an average growth of 1.4 percent registered in September, the bureau said.
A separate survey released yesterday by Century 21 China Real Estate showed a similar trend.
About 80 percent of Shanghai’s apartment projects saw price rises in October, compared to 83.7 percent in September, according to Century 21, which tracks 105 major apartment developments around the city.
In the existing housing market, meanwhile, 62 cities registered monthly growth, compared with 63 in September, according to the statistics bureau.
The number of cities seeing annual price gains stayed at 68 last month, unchanged from September.
Driven by rapid urbanization and speculation, China’s property market has taken off in recent years and become a major headache for the authorities as more people are priced out of the market, Xinhua news agency said.
The traditional Chinese mindset of viewing home ownership as a precondition for forming a family has guaranteed that demand in cities such as Shanghai and Beijing, which attract thousands of newcomers each year, will keep climbing.
With other investment channels, such as the stock market, proving disappointing, houses in big cities have become a popular investment choice for the country’s wealthy, further squeezing already tight supplies.
Over the years, in response to growing public complaints, the central government has tried to rein in prices by creating purchase restrictions and experimenting with property taxes, resulting in short-lived cooling of the market.
There are hopes the government may seek a more market-oriented mechanism to build a healthy house market following the reform decisions published last week.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
