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China home prices rise for 2nd month in July

Posted on 2 Aug 2012 | Comments Off

The average home price in China’s 100 major cities edged up in July for the second consecutive month, reinforcing signs of a recovery in the property market even as the government seeks to spur broader economic growth, a private sector survey showed on Wednesday.

The average price of 8,717 yuan (S$1,700) per square metre in the 100 cities surveyed was 0.33 per cent higher than June, accelerating from June’s month-on-month increase of 0.05 per cent, the China Real Estate Index System (CREIS) said.

The data added to evidence that the property market is getting support from monetary policy easing and local governments which have tried to get around national property curbs that Chinese leaders have vowed to maintain.

The central government has sent eight “inspection teams” to top cities to check whether local governments are enforcing property curbs in late July.

But home prices in the 100 cities were still down by 1.77 per cent in July from a year earlier, marking the fourth year-on-year fall since June last year when CREIS first began calculating the year-on-year change.

The average home price in China’s top 10 cities, including Beijing and Shanghai, rose 0.27 per cent from June but was down 2.32 per cent year-on-year, the survey showed.

The Chinese government is due to publish data on home prices in 70 major Chinese cities for July on August 18. Home prices broke eight consecutive months of decline in June, official data showed.

Source Today – 2012 Aug 1

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Posted in Overseas Property

Tagged China, China Property, Real estate pricing

Home prices rise in more Chinese cities

Posted on 18 Jul 2012 | Comments Off

Home prices in more Chinese cities rose in June from the previous month as recent interest rate cuts encouraged buying and stoked expectations of a rebound in prices, the government said on Wednesday.

New home prices in 25 out of the 70 Chinese cities tracked by the government increased in June from the previous month, the National Bureau of Statistics said in a statement, up from just six in May.

The spread of price rises to more cities came despite steps to tighten the market in place for more than two years, including bans on buying second homes, hiking minimum down-payments and imposing property taxes in certain areas.

Expectations for a price rebound are on the rise after the economy recorded its slowest increase in more than three years in the second quarter, raising the likelihood of more policies to boost growth the rest of this year.

The central bank this month took the rare step of slashing interest rates for the second time since early June, which drove up home sales as mortgage costs were reduced, Ma Xiaoming, an NBS analyst, said in the statement.

Ma said housing demand has been accumulating amid efforts to cool the market and consumers rushed during June to buy due to “worries of a rebound in housing prices”.

Prices of new homes in another 24 cities were unchanged in June compared with 21 the previous month, while 21 cities saw prices fall on a monthly basis, down from 43 in May, the data showed.

Government officials have attributed the slowdown of the world’s second-largest economy, which grew 7.6 percent on-year from April to June, to the weakening of the property market as well as sluggish foreign demand.

Before the interest rate cuts, the government had since December already cut three times the amount of money banks must keep in reserve, to stimulate lending.

Chinese leaders have vowed to take further measures, and Premier Wen Jiabao last week called stabilising economic growth the government’s “top priority”.

Ba Shusong, a prominent government researcher, called on authorities to loosen controls on lending to buyers of small and medium-sized homes to bolster the economy, the state-run Economic Information Daily said on Wednesday.

Source CNA – 2012 Jul 18