New homes price keeps rising in August

By Cherry Cao | September 1, 2015, Tuesday |

Online Edition

THE average cost of new homes in China rose for the fourth consecutive month in August, the China Index Academy said in a report released today.

The mean selling price of new residential properties in 100 cities climbed 0.95 percent to 10,787 yuan (US$1,690) per square meter. That compared to a 0.54 percent gain in July and an increase of 0.56 percent in June, the academy said.

Nationwide, prices advanced in 51 cities, a rise of five from July. Prices fell in the remaining 49 cities.

In the 10 largest cities, new houses sold for an average price of 19,962 yuan per square meter, a month-over-month gain of 1.95 percent.

Shanghai led gainers with an increase of 3.77 percent for new housing properties, mainly due to a structural shift.

"The domestic real estate market continued to rebound amid a series of easing policies which include the cut in interest rate and reserve requirement ratio," the academy said. "That will add further strength to the market in September which is the traditional high season for property sales while home prices will probably remain stable as inventories across the country, in general, still stay at high levels."

In Shanghai, the area of new residential properties sold, excluding government-funded affordable housing, retreated 7.4 percent month on month to 1.246 million square meters in August, remaining above the 1.2-million-square-meter barrier for the fifth straight month, Shanghai Homelink Real Estate Agency Co said in a report released today.

"Despite the withdrawal, it is the highest August volume registered in six years, which indicated really strong sentiment among home buyers," said Lu Qilin, director of research at Shanghai Homelink. "We expect that to extend through September and October as the central government has been making positive gestures since late last year to boost buyers' sentiment."

Real Estate

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New homes price keeps rising in August

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