China Property Prices Rise to Fresh High Average prices of new homes in 70 Chinese cities in September rose to another fresh high, spurred by price gains in major cities that concern local officials. For the eighth consecutive month, growth in median home prices rose in September from year-ago levels, data released Tuesday by the National Bureau of Statistics showed, after a turnaround that began in January. Prices were up in 69 of the 70 cities in September, unchanged from August. Month-on-month price gains moderated slightly, indicating the governments tightening measures have had a limited impact on the market. Prices of new homes in 65 of the 70 large- and medium-sized cities increased in September from August. Prices fell in two cities--Wenzhou and Guilin--and were unchanged in the remaining cities. In August, prices rose in 66 cities. The central government has been tightening property-sector controls for nearly four years to rein in runaway house prices. However, Beijing also is concerned excessive curbs on the housing sector would derail the countrys fragile economic recovery. Analysts and government researchers have called on the central government to step up efforts to roll out more sustainable measures, such as land reform and property taxes, to rein in the real estate market, rather than rely on administrative measures such as limits on home purchases. Prices rose an average 8.19% from a year earlier compared with 7.48% in August and 6.70% in July, calculations by The Wall Street Journal showed. On-month, prices rose an average 0.67% in September, accelerating from 0.79% in August and 0.68% in July. Average home prices in the large cities of Beijing, Shanghai, Shenzhen and Guangzhou were up last month. Beijing prices rose 16.0%, above the 14.9% rise in August. In Guangzhou, prices increased 20.0%, up from an 18.8% gain the previous month. Shanghai prices rose 17.0% from a 15.4% increase, and in Shenzhen, average home prices grew 19.7%, picking up from a 18.1% rise in August.
Posted on: Tue, 22 Oct 2013 02:58:07 +0000
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