Home prices stabilizing
April 24, 2017 Category Real estate, Weekly
Home prices in major cities continued to stabilize as China’s latest restrictive measures took effect. Of the 70 large and medium-sized cities surveyed, 24 saw prices rise slower year-on-year in March, up from 20 in February, the National Bureau of Statistics (NBS) said. The average new home prices rose slower year-on-year in all 15 first-tier and large second-tier cities. The price hikes were between 0.2 and 0.6 percentage points slower than those in February. On a monthly basis, prices in six of the 15 cities declined from February, while another six saw price hikes of below 0.5%. “March is traditionally a hot sales season, but new home prices in 15 first and second-tier cities rose slower year-on-year under targeted and differentiated measures to curb home prices in various cities,” said Liu Jianwei, NBS Senior Statistician. New home prices in Beijing rose 0.4% month-on-month in March, while Shanghai’s fell 0.1% and Shenzhen’s slid 0.3%. Since October, the Chinese government has implemented a slew of measures to cool runaway housing prices, including restrictions on home purchases and increased minimum downpayment requirements. The property market picked up pace in February, however, which has led to the biggest wave of tightening of home purchase and lending rules since mid-March, the Shanghai Daily reports.
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