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CASS: housing prices may continue to rise this year
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HOME prices in first-tier and selected second-tier cities will continue to rise this year despite a slower pace while second-tier cities in general will record price increases, according to a latest report from the Chinese Academy of Social Sciences.
Polarized performances will remain unchanged across the country with home prices in third- and fourth-tier ones shedding at a decelerating pace and then stabilizing finally amid shrinking inventory, the CASS said today in its annual real estate blue paper.
"Fuelled by the country's generally loose macro economic policies, property prices in China will head northward this year," the blue paper said. "However, in a longer term, it is possible that real estate prices will decrease again starting the second half of 2017 if China's macro economy keeps expanding at a slower pace."
From the policy aspect, the CASS said down payment requirement in third- and fourth-tier cities may be further reduced to 15 percent from the current 20 percent while deposit for second homes will be cut correspondingly so as to relieve the pressure from huge housing inventory in those cities. Moreover, some real estate-related tax policies will likely see further adjustment this year, the academy said.
Investment in real estate development may see a rebound in 2016 while land prices across the country will in general keep going upward at a rather stable pace, according to the blue paper.
A separate report released earlier by the China Index Academy, which tracks home prices in 100 Chinese cities, just suggested a similar trend.
The average price of a new home climbed 1.45 percent from a month earlier to 11,467 yuan (US$1,759) per square meter in April, decelerating from a 1.9 percent gain in March, the academy said.
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