Home prices in China still rising

Chen Tian (2013-12-18), Home prices in China still rising, Global Times.

Top 10 cities

Prices of new homes continued to rise in November, official data showed Wednesday, with government measures to cool the property market failing to deter buyers.

Out of 70 major cities tracked by the National Bureau of Statistics (NBS), Beijing, Shanghai, Guangzhou and Shenzhen saw the largest year-on-year rise in new home prices in November, according to figures published by the NBS Wednesday.

Shanghai led the rise, with a year-on-year increase of 21.9 percent in November. Beijing saw an increase of 21.1 percent, Shenzhen saw a 21 percent jump, and Guangzhou’s prices rose by 20.9 percent.

Out of the 70 cities, only Wenzhou in East China’s Zhejiang Province saw a fall in prices, with a slight drop of 1.2 percent year-on-year in November.

The November price rise in Beijing, Shanghai and Guangzhou was smaller than in October, the NBS said, noting that the 70 cities’ average month-on-month price increase declined from 0.7 percent in October to 0.6 percent in November. The average year-on-year price gain in the 70 cities has been slowing down for three consecutive months since September, it said.

“The annual price increase slowed down, because some local governments have been putting more effort into controlling the real estate market,” Liu Jianwei, a senior NBS statistician, was quoted as saying in a statement posted by the agency Wednesday.

Major cities in China have introduced a slew of measures since September, including raising the down payment requirements and tightening scrutiny of non-local buyers, to curb the rising home prices.

Read the post at  Global Times

Cite this blog post
Jacqueline Nivard (2013, December 18). Home prices in China still rising. URBACHINA. Retrieved April 17, 2024, from https://doi.org/10.58079/v2n7

Jacqueline Nivard

Jacqueline Nivard, Centre d'études sur la Chine moderne et contemporaine

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