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January 19, 2016

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Home » Business » Real Estate

Home prices increase in more cities

By Cherry Cao | January 19, 2016, Tuesday | Print Edition

HOME prices rose in 39 Chinese cities last month, six more than in November, according to the National Bureau of Statistics, which monitors prices in 70 cities.

Prices in four cities remained flat while they fell in the remaining 27, the bureau said yesterday.

Shenzhen led the gainers in December with a month-on-month increase of 3.2 percent, accelerating from November’s 2.9 percent rise. It was followed by Shanghai, where prices advanced 2.1 percent, and Xiamen, which recorded a monthly gain of 1.3 percent.

“Notably divided performances still existed among gateway, second-tier and tertiary cities,” said Liu Jianwei, a senior bureau statistician. “Home prices in first-tier cities and major second-tier ones continued to head north at a rather fast pace while the majority of second and third-tier ones still suffered month-on-month retreats due to high inventory levels.”

On average, the growth in new home prices in the 70 cities was unchanged in December from the previous month while in the pre-owned home market an overall acceleration of 0.2 percentage points was recorded, according to bureau data.

Year on year, prices of new and pre-owned homes rose 7.7 percent and 7.6 percent, respectively, from a year earlier. That compared with a year-on-year growth of 6.5 percent and 6.2 percent, respectively, in November.

Nationwide, new home prices climbed in 21 cities from a year ago in December, flat from November. Shenzhen continued to lead with an annual surge of 47.5 percent, followed by Shanghai where prices rose 18.2 percent from a year ago.

In the pre-owned housing market, prices rose in 35 cities in December from a year earlier, an increase of three from November.

Home price performances were even more divided on an annual basis among different tiered cities, according to Liu.

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