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China home prices continue to stabilize

Updated: Feb 22,2017 11:10 AM     Xinhua

BEIJING — China’s red-hot property market in major cities has continued to stabilize after authorities took a series of measures to contain price rise, according to an official survey on Feb 22.

Of 70 large and medium-sized cities surveyed, 45 saw prices for new residential housing climb month on month in January, down from 46 in December and 55 in November, according to the National Bureau of Statistics (NBS).

In Beijing, new residential house prices remained flat month on month, while Shanghai prices fell 0.1 percent. House prices in Shenzhen, a southern metropolis neighboring Hong Kong, slid 0.5 percent.

Year on year, house prices in the three cities have risen 24.7 percent, 23.8 percent and 18.2 percent, respectively.

According to the NBS, new residential house prices in second-tier cities rose 0.1 percent on a monthly basis, retreating 0.1 percentage points from the growth seen in December.

Third-tier cities saw new residential house prices gain 0.4 percent month on month, the same with the increase in December.

“Monthly growth in the country’s 15 first-tier and major second-tier cities have slowed down and house prices have stabilized as local governments’ tightening measures took effect,” said NBS statistician Liu Jianwei.

Since October last year, dozens of Chinese cities have announced measures, including purchase limits and tightened mortgage restrictions, to prevent prices rising out of control.