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Urban home price growth slows
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Residential property prices in all-tier Chinese cities continued to rise at a slower pace in October compared with a month ago, according to data released yesterday by the National Bureau of Statistics.
In the four gateway cities, new home prices climbed 0.3 percent, easing from September’s average gain of 0.4 percent. Guangzhou continued to lead with a 0.5 percent increase, while Shanghai, Beijing and Shenzhen followed with month-over-month rises of 0.3 percent, 0.2 percent and 0.2 percent, respectively, said the bureau, which monitors prices in 70 major Chinese cities.
“More cities registered month-over-month price drops in October as overall sentiment around the country eased for another month,” said Lu Wenxi, senior researcher at Shanghai Centaline Property Consultants Co. “In general, first-tier cities outperformed their smaller counterparts around the country.”
The number of cities registering month-over-month price falls jumped to 19 in October, from eight in September, while the steepest loss was 0.7 percent last month, compared with 0.4 percent in September.
In the pre-occupied housing market, prices in the four top-tier cities rose 0.5 percent on average, down from 0.9 percent in the previous month. They jumped most in Shenzhen again, with growth of 0.9 percent; and climbed 0.6 percent, 0.5 percent and 0.4 percent in Guangzhou, Shanghai and Beijing, respectively.
In 31 second-tier and 35 third-tier cities, new home prices rose by an average of 0.1 percent and 0.2 percent, decelerating from the growth of 0.3 percent and 0.5 percent in September, respectively. Prices of existing homes in second- and third-tier cities both advanced 0.2 percent, remaining unchanged from a month earlier and easing 0.4 percentage points, respectively.
Nationwide, new home prices in Yangzhou, in Jiangsu Province, rose the fastest, up 0.9 percent from September, the bureau’s data showed.
On a year-over-year basis, prices of new and existing homes rose 4.1 percent and 8 percent in the four first-tier cities, up by 0.2 percentage points and 0.6 percentage points from September, respectively.
Meanwhile, in the first 10 months of 2020, more than 11.79 trillion yuan (US$1.79 trillion) worth of new homes, excluding government-subsidized affordable housing, were sold around the country, a year-on-year rise of 8.2 percent, according to a separate bureau statement. That further accelerates from the 6.2 percent growth registered in the first nine months.
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