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在线翻译:
szdaily -> Business
Home prices rise in fewer cities as curbs bite
    2017-June-20  08:53    Shenzhen Daily

HOME prices increased in fewer Chinese cities last month in the wake of cooling measures imposed by local authorities.

New home prices, excluding government-subsidized housing, gained from the previous month in 56 of 70 cities tracked by the government, compared with 58 in April, the National Bureau of Statistics said yesterday. Prices fell in nine cities and were unchanged in five.

In Beijing, the scene of the nation’s tightest property restrictions, prices of new homes were unchanged from the previous month, and prices of existing homes fell by 0.9 percent, the first decline since February 2015.

It was the second straight month that the number of cities with price increases has fallen, as officials persist with curbs to take the froth out of bubbly markets. A deepening property slowdown could trim the nation’s economic growth rate, with UBS Group forecasting that sales will “lose more steam” in the second half of the year.

In Shenzhen, the nation’s hottest market early last year, new home prices fell 0.6 percent from April, the sharpest fall in three months. In Shanghai, where people took it onto the street this month about some housing restrictions, new home prices were unchanged.

Average new home prices in China’s 70 major cities rose 0.7 percent in May from the previous month, in line with April, Reuters calculated from National Bureau of Statistics data.

Compared with a year ago, new home prices rose 10.4 percent in May, easing from a 10.7 percent gain in April, according to Reuters calculations.

So far, demand in smaller cities, where local authorities are trying to clear a buildup of housing stock, is helping to support the market. New home sales rose 13 percent to 871 billion yuan (US$128 billion) in May from a year earlier, exceeding an 8 percent gain in April, according to Bloomberg calculations based on data released by the National Bureau of Statistics.

Central bank data published last Wednesday showed Chinese banks extended more credit than expected in May, with home loans expanding even as policymakers struggled to rein in riskier borrowing without impeding economic growth.

Household loans, mostly mortgages, rose to 610.6 billion yuan in May from 571 billion yuan in April, accounting for 55 percent of total new loans last month, up from 52 percent in April, the data showed.

Investors, banned from the hottest markets, are increasingly looking inland, driving up prices in more remote, smaller cities with fewer buying restrictions, leading to a surprise pickup in May sales.

Sales by value in smaller cities have risen 30 percent so far in 2017 compared to a year ago, said Sam Xie, head of research at property services provider CBRE China.

But economists say new tightening measures introduced since mid-March have started taking some heat out of the market.

Annual growth in China’s real estate investment slowed in May, the first fall-off in three months, taking a toll on new developments as new construction starts almost halved from the previous month, official data showed.(SD-Agencies)

 

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