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 / Real Estate Tools: Save | Print | E-mail | Most Read | Comment
Shanghai's second-hand home index grows slowly
Adjust font size:

The more stringent credit control over second and multi-home mortgages has slowed the rise in Shanghai's second-hand housing index last month, the local index compiler said yesterday.


The index, released monthly by and tracks prices of used apartments across the city, advanced 1.5 percent to 2,217 in December, the smallest increase since June 2007.


"The clarification of a second and multi-mortgage made jointly by the People's Bank of China and the China Banking Regulatory Commission on December 11 has somewhat curbed some home buyers' demand," said Chi Shengyu, an ehomeday analyst. "A higher threshold for down payment and increased interest charges has hampered some home purchase plans by both speculators and end-users."


The second or multi-mortgage has now been defined as a family unit, including spouses and children, the central bank and the CBRC said.


Mortgagees who apply for another home loan are required to make a down payment of at least 40 percent and pay a 10-percent premium on interest rates, and the requirement on a third or fourth mortgage is stricter.


The requirement on the first mortgage, meanwhile, remains unchanged - up to 30 percent downpayment and a 15-percent interest discount.


Citywide, second-hand apartments in prime areas led gainers in December with those in Nanjing Road E., Huaihai Road, Jing'an Temple and West Nanjing Road jumping 7.76 percent, 6.26 percent, 5.91 percent and 5.86 percent, respectively.


Due to the rapid expansion of the city's metro network, prices of second-hand houses in Kongjiang, Zhongyuan, the North Bund and Pudong areas all rose significantly over the past month at 4.67 percent, 4.46 percent, 5.18 percent and 4.09 percent, the compiler said.


The local rental index, which is also compiled by the website, also rose when it added 0.6 percent to 1,123 last month but the performances in different categories were mixed.


The average rent for high-end apartments, which usually goes for more than 6,000 yuan (US$820) per month for a two-bedroom apartment, gained 0.4 percent, with Zhenning Road and Gubei areas being among the major gainers.


(Shanghai Daily January 15, 2008)

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

Username   Password   Anonymous
China Archives
Related >>
- Stable price rise and more deals lift index
Most Viewed >>
-January CPI expected to rise 6.5%
-Lucrative Yuanmingyuan duplication scheme
-Lenovo to sell mobile unit for US$100m
-Tight monetary policy must not be eased
-Emergency coal shipped to power plants in S China

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