Arab Today, arab today housing market continues to recover pressure remains
Last Updated : GMT 21:03:27
Arab Today, arab today
Arab Today, arab today

Housing market continues to recover, pressure remains

Arab Today, arab today

Arab Today, arab today Housing market continues to recover, pressure remains

Housing market
Beijing - XINHUA

China's real estate market continued to warm up in June, with fewer cities seeing new home prices drop for the fourth consecutive month.

On a monthly basis, new home prices fell in 34 of the 70 cities monitored by the government in June, down from 43 in May, according to data released on Saturday by the National Bureau of Statistics (NBS).

New home prices climbed in 27 cities, up from 20 in May, including Beijing, Tianjin, Shanghai, Guangzhou and Shenzhen.

Nine cities registered flat new home prices, mostly second-tier cities such as Changsha, Wuxi and Kunming, the NBS data showed.

For existing homes, 20 cities saw price declines on a monthly basis, while 42 cities posted gains.

China's property market took a downturn in 2014 due to weak demand and a surplus of unsold homes. The cooling has continued into 2015, with both sales and prices falling and investment slowing.

According to NBS statistician Liu Jianwei, home sales in top-tier cities where demand is high saw strong growth, while in less developed second- and third-tier cities, both new and existing home sales either stayed flat or dropped, with a narrowed rate of decline.

Year on year, 68 cities reported new home price drops, with Shanghai and Shenzhen being the only two exceptions with a 0.2-percent and 15.9-percent increase, respectively, the NBS data showed.

China's housing market is still under correction, said Li Peijia, a researcher with the Institute of International Finance under the Bank of China.

To combat the downward pressure, the central bank has cut the benchmark interest rate four times since November and reduced banks' reserve requirement ratio three times since February.

In March, the government eased down payment requirements for second-home purchases to 40 percent from the previous 60 to 70 percent, and exempted business tax for sales of homes purchased over two years ago.

Some local governments have also rolled back their restrictions on home purchases to help with the emerging signs of improvement.

However, Wang Tao, chief China economist at UBS, said abolishing purchase restrictions could have limited effects, as buying property as a investment is no longer attractive to most citizens, who expect home prices to fall further rather than rise.

Bank of Communications analyst Xia Dan echoed Wang in saying the release of purchase restrictions would not bring fundamental changes to the current anemic situation of China's property market.

The correction in home prices will last a rather long time, Xia said, adding that more cities will abolish purchase restrictions in the coming months, and those with large inventories could benefit.

Investment in China's property sector rose 4.6 percent year on year in the first half of 2015, slower than the 5.1-percent increase seen in the first five months, earlier NBS data showed.

China's economy posted better-than-expected year-on-year growth of 7 percent in the second quarter of 2015 and bold macro-control moves by the government and structural reforms are expected to pave way for steady improvement in the latter half of the year.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today housing market continues to recover pressure remains Arab Today, arab today housing market continues to recover pressure remains

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Tabarka beauty between sea, mountain

GMT 06:37 2017 Wednesday ,01 March

Tabarka beauty between sea, mountain
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN report confirms war crimes were committed

GMT 20:43 2017 Wednesday ,01 March

UN report confirms war crimes were committed
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday