China’s home prices fell in 33 of 70 cities monitored by the government in October, the worst performance since it expanded property curbs and scrapped the reporting of its national average housing data this year.
New home prices in China’s three major cities of Shanghai, Shenzhen and Guangzhou retreated from September after prices stalled for three months, while those in the capital city of Beijing were unchanged, the statistics bureau said in a statement on its website today. The eastern city of Wenzhou posted the biggest drop of 4.6 percent, more than 10 times the average slide among the cities that posted declines.
China’s Premier Wen Jiabao said the country won’t waver on its property restrictions this month, while analysts including Barclays Capital Research and asset managers such as CBRE Global Investors are betting price declines will force a policy reversal as the tightening weighs on economic growth. The government this year raised down payment and mortgage requirements and imposed home purchase restrictions in 40 cities.
“The government’s property policy is working and working in a much more apparent way than expected,” Nicole Wong, a Hong Kong-based property analyst at CLSA Asia-Pacific Markets, said in a Bloomberg Television interview in Hong Kong today, adding that measures may be eased if sales post further declines.
“Monetary measures do work, as a lot of buyers do use a lot of mortgages,” she said.
More than twice the number of cities posted declines compared with September, where 16 cities reported lower prices from August. Five analysts surveyed by Bloomberg News expected housing values in China’s four biggest cities to fall by as much as 0.3 percent. Prices in 23 cities were unchanged and 14 recorded gains, the data showed.
Today’s figures came after private data also showed signs of cooling. China’s home prices fell for a second month in October, according to SouFun Holdings Ltd., the country’s biggest real estate website.
--Bonnie Cao. With assistance from Rishaard Salamat in Hong Kong. Editors: Linus Chua, Tomoko Yamazaki
To contact Bloomberg News staff for this story: Bonnie Cao in Shanghai at +86-21-6104-3035 or bcao4@bloomberg.net
To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net
Want to save this for later? Add it to your Queue!
댓글 없음:
댓글 쓰기