Science

China's home prices increase in fewer cities as curbs bite

Home price growth in cities across China has slowed for eight consecutive months, and some key cities experienced declining average home prices in May as more cities introduced stricter measures against speculation, according to data from the National Bureau of Statistics released on Monday.

Latest official survey presented on Monday showed continuous stabilization of home prices in China's biggest cities after a string of government measures to control price hikes.

In second-tier cities, average new home price growth dropped 0.8 percent, and pre-owned home price growth went down 0.5 percent. Improvement in short-term price trends stalled after three months of acceleration, with average housing prices up 0.7 percent month on month in May, unchanged from April.

In Beijing, the scene of the nation's tightest property restrictions, prices of new homes were unchanged from the previous month, and prices of existing homes fell by 0.9%, the first decline since February 2015.

On a yearly basis, house prices advanced in 69 cities in May, as seen in April.

Price growth in smaller third-tier cities rose to 0.9 percent in May from April's 0.8 percent, CBRE's Xie said. There were 58 cities that grew prices back in April.

More news: Nevada recreational pot sales may hinge on court

In Shanghai, new home prices remained unchanged from April and gained 12.9 percent from the same period of previous year, the bureau said. In May, growth was 10.4 percent.

Prices in China's sizzling property market kept pace in May with the previous month, indicating resilient demand despite the imposition of tougher official measures to curb surging prices. Yesterday's data showed the fastest price gains were across smaller cities. Beihai, in southern Guangxi, saw prices advance 3.2 per cent. The year on year growth decorated for the sixth consecutive month since its peak in November, when it grew by 12.6 percent.

Analysts including Patrick Wong and Kristy Hung of Bloomberg Intelligence say the housing market may weaken in the second half on government curbs and rising mortgage rates.

"Around the country, first and second-tier cities registered the most notable retreats in price growth in both new and existing markets", said Liu Jianwei, a senior statistician at the bureau, which monitors prices in new and pre-owned home markets in 70 major cities.

Mr. Hu said that once the people there have purchased a property, their next home buying may be done five years later.



Like this

loading...
loading...

Latest


21 June 2017
Flashback: When Liberal Sites Mocked Otto Warmbier For Getting What He Deserved
They said that Warmbier's brain injury was probably caused by cardiopulmonary arrest cutting the blood supply to the brain. The coroner's office daily report Tuesday included Warmbier in its listings with cause of death termed "pending".

21 June 2017
Mobb Deep's Prodigy dead at 42
II " and several other tracks, Prodigy's uncompromising flow allowed him to emerge as one of the sharpest lyricists of his time. In 1999, the group released its most successful album, " Murda Muzik ", which debuted at No. 3 on the Billboard 200.

21 June 2017
Star Wars Han Solo Film Loses Its Directors 11 Months Before Release
No new directors have even been hinted at as of yet as everyone thought the Han Solo movie was in good hands with Miller and Lord. The two said in a statement Tuesday that they were leaving the " Star Wars " spinoff over creative differences .

21 June 2017
Prudential Financial Inc. Increases Position in ARMOUR Residential REIT, Inc. (ARR)
Finally, Allianz Asset Management AG boosted its position in ARMOUR Residential REIT by 88.4% in the fourth quarter. The stock of Progressive Corp (NYSE:PGR) has "Sell" rating given on Thursday, March 17 by Goldman Sachs.

21 June 2017
JBS plans sale of Moy Park, amid $2bn asset sell-off
It was bought by JBS in 2015 for $1.5bn (£1.2bn), in what was Northern Ireland's biggest ever food deal. Moy Park, which has its headquarters in Co.

21 June 2017
Brussels station evacuated after reported explosion
People are seen outside Brussels central station as police control access to the building in Brussels , Belgium , March 23, 2016. She said that authorities believed they may have interrupted a bigger attack and that a search of the station was now underway.

21 June 2017
Lena Dunham Chopped Off All Her Hair
When we were introduced to the Girls creator/writer/actor-way back in 2012-her hair fluctuated between ultra-short and mid length.

21 June 2017
Bill Cosby trial: jury begins deliberations in sexual assault case
When Cosby was asked is he had sexual intercourse with Constand , he had replied, "never asleep or awake". Cosby is accused of drugging and violating a woman at his suburban Philadelphia home in January 2004.

21 June 2017
'Star Wars' Splits With Directors of Han Solo Standalone Film
The film is gritty and visceral, which could lend itself nicely to the Han Solo story, but that's a small piece of the puzzle. Speaking of the two directors, they also released a statement about the situation.

21 June 2017
Could CIGNA Corporation (CI) Change Direction After Achieving 52-Week High?
On January 8 the company was upgraded to "Buy" from "Hold" with a current price target of $184.00 in a report issued by Jefferies. Piedmont Investment Advisors LLC added to its investment by buying 467 shares an increase of 0.9% from 12/31/2016 to 03/31/2017.