Cities lead way in house boom
Prices climbed in 69 of the 70 cities the government tracked last month from a year earlier, the National Bureau of Statistics said, compared with 69 cities in June and May. The southern business centre of Guangzhou posted the biggest gain, rising 17 per cent from a year earlier. Prices in Beijing and Shanghai increased 14 per cent each. All three cities had their biggest gains since the government changed its methodology for the data in January 2011.
China will seek "stable and healthy" development of the property market, the government said on its website after a meeting led by President Xi Jinping last month. The government may release a "long-term mechanism" for stable and healthy development in about three months, the official Xinhua News Agency reported.
Frequently Asked Questions about this Article…
New home prices in China rose in almost all cities last month, with prices up year‑on‑year in 69 of the 70 cities the government tracks. That shows broad, nationwide gains in the short term for the China housing market, according to the National Bureau of Statistics.
The biggest metropolitan centres led the gains. Guangzhou posted the largest increase at 17% year‑on‑year, while Beijing and Shanghai each saw prices rise by 14% from a year earlier.
The government tracks new home prices in 70 cities, and the National Bureau of Statistics reported year‑on‑year price increases in 69 of those cities last month.
The new home price data came from China’s National Bureau of Statistics, which publishes the government’s tracked city‑level housing price figures.
Yes — the rises in Guangzhou, Beijing and Shanghai were the biggest gains since the government changed its data methodology in January 2011, making these increases notable in the published series.
The article says the price gains came amid expectations that the government will not further tighten property market restrictions. It notes the government aims for a stable and healthy property market rather than immediate tighter curbs.
After a meeting led by President Xi Jinping, the government said it will seek 'stable and healthy' development of the property market and may release a 'long‑term mechanism' for that purpose in about three months, according to the official Xinhua News Agency.
Investors should note the broad‑based city gains reported by the National Bureau of Statistics, the outsized increases in major cities like Guangzhou, Beijing and Shanghai, and the government’s stated intention to pursue a 'stable and healthy' property market and introduce a possible long‑term mechanism in roughly three months.
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