| Home prices rise in cities, except Shanghai |
SHANGHAI, Nov. 2 -- The average price of homes in Shanghai dropped by 1.1 percent on a year-by-year basis in the third quarter of this year, the only city that posed a decline in 70 major cities in China.
In the 70 cities, the average price of homes rose by 5.5 percent from July to September, compared with the same period last year, said a report released by the National Development and Reform Commission yesterday.
The government enacted a string of control policies in May on credit and loans to curb the over-heated property market, and "the growth rate in the third quarter of the year is still 0.2 percentage point lower than the previous quarter, the report said.
The price of houses in Shenzhen rose by 12.8 percent from a year ago, followed by Beijing with an increase rate of 3.1 percentage points. Northeast Dalian City (8.5 percent) and southeast Xiamen City (eight percent), the report said.
On the quarter-to-quarter basis, the average price of a new home in the 70 cities gained 6.7 percent, said the report. Shenzhen City was leading by an increase rate of 12.3 percent, Beijing followed by 1.9 percent.
Shanghai posted a 2.3 percent decline in prices of new homes. The other city that reported a decline is Dandong (0.1 percent) of Liaoning Province.
The price increase in second-hand homes in 67 of the cities last quarter slowed by 1.3 percentage points to 4.5 percent from the same period last year. Dalian saw a significant increase in the price of second-hand housing by 14 percent, slightly leading Shenzhen (13.3 percent), Zhengzhou (11.4 percent) and Beijing (10.1 percent).
Some property developers attribute the price increase to the rise of land prices for resident use, which was up by 4.9 percent during the third quarter from a year before.
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