Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Property starts to slow
Adjust font size:

The latest figures show property prices are rising at a slower rate across the country, a sign the government's macro-control measures are beginning to bite.


But prices in the second-tier cities, particularly Hangzhou and Dalian, are starting to pick up.


Housing prices in 70 major cities in September increased 8.9 percent, up 0.7 of a percentage point from the previous month, the National Development and Reform Commission said on Friday.


New residential homes rose 10 percent last month, up 1 percentage point from August, with second-tier cities including Urumqi, Beihai and Hangzhou leading the charge. Average prices of pre-owned residential apartments also increased 7.6 percent from the previous year.


Shuai Hu, a property analyst at Haitong Securities, said rising prices in second-tier cities are likely to accelerate in the coming years as urbanization speeds up.


"Housing prices in second-tier cities including Hangzhou, Changsha and Dalian are expected to increase even faster in the next one or two years," he said.


"But momentum in major cities Beijing, Shanghai, Guangzhou and Shenzhen will gradually subside."


The price of residential property within Shanghai's outer ring dropped an average 3.2 percent to 8,017 yuan per sqm, according to figures compiled by global property information provider CB Richard Ellis.


"Investors are expected to diverge further with the recent introduction of a tightening policy on second property purchases and as developers hold off launching new units," David Chen, senior director of residential project marketing at CB Richard Ellis, said in a report.


In Suzhou, a city near Shanghai, residential property prices have jumped 20 percent from the year before. The average price in the downtown area is now 10,000 yuan per sq m.


Zhou Lixiang is in her mid-30s and works at an advertising company in Suzhou. She bought a 130-sq-m home for 7,500 yuan per sq m in the new city area earlier this year.


She paid a 40 percent deposit on the apartment and her monthly mortgage payment is 4,000 yuan over 30 years. "I can live with the monthly installment - it's about 40 percent of my personal income and 20 percent of my aggregate family income," she said.


(China Daily October 27, 2007)


Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
- Property moves hit stocks
- State-owned property firms almost double profits
- Senior official: Intellectual property issues not to be politicized
- 'Big Four' likely to have same criteria defining '2nd home'
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号