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New home prices drop in 69 of 70 major Chinese cities in October

HOME prices in China fell in October again despite at a slower pace as more home seekers entered the market amid adjusted housing market policies coupled with continuously abundant supply, according to a latest survey.

The number of Chinese cities where prices fell month on month remained unchanged at 69 last month while prices were flat in Zhengzhou, Henan Province, the National Bureau of Statistics, which tracks housing prices in the 70 major cities, said today on its website.

"As local governments around the country revised their mortgage policies and real estate developers continued to launch projects to unload their inventory, some home searchers stopped sitting on the sidelines," said Liu Jianwei, the bureau’s senior statistician. "However, we also noticed that some cities such as Beijing registered month-over-month growth in existing home prices."

New home prices in Qinhuangdao, Hebei Province, led decliners countrywide, with a 1.6-percent fall from September. That compared to a maximum 1.9-percent decrease registered in September, according to the bureau's data.

Of the four first-tier cities, new housing prices in Beijing dropped 1.3 percent from September, followed by a 1.2-percent retreat in Guangzhou and a 0.7-percent withdrawal in Shanghai. Those in Shenzhen shed 0.4 percent month on month.

In the existing home market, 64 cities saw month-over-month price drops, a decrease of six from September. Four cities recorded unchanged prices while the rest two registered growth. Existing home prices in Shanghai, Guangzhou and Shenzhen all remained flat from September, the bureau said.

On a year-on-year basis, new home prices in 67 of the 70 cities saw declines, an increase of 9 from September. For pre-owned homes, prices dropped in 65 cities from a year earlier, the bureau said.

An earlier report released by the statistics bureau confirmed a rebound in buyers' sentiment around the country.

New houses sold across the country fell 9.9 percent in the January-October period from a year earlier to 4.63 trillion yuan (US$755 billion), while in the first three quarters, the value declined 10.8 percent year on year.

By volume, 776 million square meters of new houses were sold during the first ten months of this year, down 9.5 percent from a year ago. Between January and September, the volume declined 10.3 percent year on year, the bureau said last week.




 

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