Home prices drop in China in Jan.

By Cherry Cao | February 17, 2015, Tuesday |

Online Edition

HOME price in China kept heading south at a mild pace in January, with diversified performances registered in different sized cities, a latest national survey showed.

Price drops were recorded in 64 cities last month, compared to 66 in December. Prices were flat in four, compared to three in November, and they rose in two cities, an increase of one from a month earlier, the National Bureau of Statistics, which tracks house prices in 70 major cities, said today on its website.

"We saw notable diversifications across the country," said Liu Jianwei, the bureau’s senior statistician. "While first- and second-tier cities registered mainly no change or increases in price, drops of more than 0.5 percent month over month were most frequently found in third-tier cities.

Average price of new homes in the country's four first-tier cities rose for the second consecutive month in January and in the existing housing market, momentum has been gained for the fourth straight month. In second-tier cities, a slower pace of price decline extended and in third-tier ones, home price continued to drop at a faster rate, the bureau's data showed.

Nationwide, new home prices in Quanzhou, in southeast China's Fujian Province, fell 1.7 percent from December to lead the drop. That compared with a maximum 1.3 percent decline in December, according to the bureau.

Shenzhen, in south China, and Ganzhou, in Jiangxi Province, registered new home price increases last month and prices stayed unchanged in Shanghai, Guangzhou, Nanjing and Nanchang.

Beijing was the only city among the four first-tier ones that saw a price retreat. New home price in the capital city shed 0.1 percent from December.

On an annual basis, new home prices in 69 of the 70 cities declined, compared to 68 in December. The prices of pre-occupied homes rose in only three cities from a year earlier, unchanged from December, the bureau said.

Real Estate

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Home prices drop in China in Jan.

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