Wednesday, August 20, 2014

Housing prices decline in 64 out of 70 major Chinese cities.

Only two Chinese cities out of 70 registered in a month-on-month basis, increase in home prices in July, a national survey said this, adding to more evidence that the China's housing market remained in a correction.
The number of cities recording monthly price decreases climbed to 64 in July from June's 55, according to a statement released by the National Bureau of Statistics which tracks housing prices in 70 major cities.
"Amid continuously uncertain prospects in the real estate market, home searchers across the country continued to take a wait-and-see attitude, a reason behind further eased momentum," said Liu Jianwei, a senior statistician at the bureau. "While 65 cities continued to record price gains on a year-on-year basis, all of them saw slower growth."
On average, national housing prices fell 0.9 percent month over month in July, the third monthly decline in a row.
Nationwide, Hangzhou continued to lead all decliners. Home prices in the capital of eastern Zhejiang Province dropped 2.5 percent from June. It was immediately trailed by Sanya in southern Hainan Province where prices fell 2.4 percent from a month earlier.
Xiamen in Fujian Province and Dali in Yunnan Province, meanwhile, were the only two cities registering a month-on-month price growth, by 0.2 percent and 0.1 percent, respectively.
In Shanghai, Beijing, Guangzhou and Shenzhen, new home prices in July fell 1.4 percent, 1.3 percent, 1.3 percent and 0.6 percent, respectively, from June.