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China’s housing prices continue to decline
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HOUSING prices in most Chinese cities continued to head south in August in both the new and existing home markets, a latest national survey showed.
The number of Chinese cities seeing month-over-month price decrease rose to 68 last month from July’s 64, according to the National Bureau of Statistics, which monitors housing prices in 70 major cities.
Prices rose in Xiamen, Fujian Province, but were flat in Wenzhou, Zhejiang Province, compared with a month ago, the bureau’s data showed.
“Housing prices in majority of Chinese cities kept going down in August but the pace of decline seemed a bit slower in some cities,” said Liu Jianwei, a senior statistician at the bureau. “Year on year, the number of cities registering price growth continued to decrease while the pace of growth all expanded.”
Among the 68 cities that saw monthly price decrease in August, 21 fell at a decelerated pace, an increase of 13 from July, the bureau said.
Across the country, Hangzhou led all decliners for another month with home prices in the capital of eastern Zhejiang Province dropping 2.1 percent, compared with a 2.5 percent fall in July.
In the country’s four first-tier cities, Shanghai and Guangzhou both recorded a 1.3 percent month-over-month drop, while Beijing and Shenzhen registered a decline of 1.2 percent and 1.1 percent, respectively.
Elsewhere in the existing home market, 67 of the 70 cities saw prices going south in August, compared with 65 in July. Year on year, prices fell in 32 cities, compared with 15 in July.
The latest data provided further evidence that China’s property sector is still undergoing a correction which started in the beginning of the year amid tight credit as well as cautious sentiment among buyers who have been kept away from the market due to high prices.
An earlier report released by the statistics bureau showed the total area of new housing sales dropped 10 percent to 570.94 million square meters in the first eight months of this year. That was 0.6 percentage points steeper than the decline seen in the first seven months.
By value, new home sales fell 10.9 percent year on year during the same period to 3.43 trillion yuan (US$558 billion). That compared with a drop of 10.5 percent registered in the January-July period.
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