Tuesday, July 17, 2012

China home prices juni 2012

China home prices juni 2012 : China home prices were flat in June versus May, calculations based on official data showed on Wednesday, breaking eight straight months of decline in a tentative sign that pro-growth government economic policies are gaining traction.

Real estate was cited by the National Bureau of Statistics last week as a restraint on economic activity in the first half of 2012 when it published data revealing Q2 GDP growth of 7.6 percent from a year ago - the slowest expansion in more than three years and the sixth successive quarter of easing growth.

The statistics bureau's month-on-month data showed Beijing home prices rose 0.3 percent while Shanghai's gained 0.2 percent, although the two key cities saw year-on-year price falls of 1 percent and 1.5 percent, respectively.

Home prices nationwide were down 1.5 percent in June on a year earlier, according to Reuters calculations based on the official data.

"With home transactions rising, home prices in some cities have seen a month-on-month increase," Ma Xiaoming, a senior statistician at the National Bureau of Statistics said in a statement accompanying the data.

For Shanghai and Guangzhou, which both showed a month-on-month rise of 0.2 percent, it was the first increase since June last year.

New home prices fell in 21 cities month-on-month in June, down from 40 in May and 2011's peak of 52 in December. Year-on-year, new home prices dropped in 57 cities last month, versus 54 in May.

That confirms a clear trend since the start of this year that a declining number of the 70 cities monitored by the National Bureau of Statistics have seen sequential home price falls, while remaining weak in year-on-year terms.

China does not have an official index for nationwide home prices, and Reuters weighted index showed average home prices in the 70 cities have been edging down since October.

Wednesday's data is in line with the findings of a Reuters poll taken last week, which predicted a 1.4 percent drop in house prices for the first half of 2012 and a rise of 2.5 percent in the second half.

"Upward movement is surely the direction of China's home prices after two rate cuts," said a salesman surnamed Shao who is marketing a housing development by Poly Real Estate in Beijing.

China has cut benchmark interest rates twice in the space of a month and freed banks to further discount borrowing costs by up to 30 percent more as policymakers made clear they would act decisively to rekindle growth in the second half of 2012.

The government has stopped short of an outright easing of rules to curb property speculation, but policy tweaks by more than 30 local governments in the past few months have made it easier for people to buy homes, boosting property sales and changing market sentiment.

Home prices, however, remain well beyond the reach of most middle-class families and China's Premier Wen Jiabao has repeatedly pledged to pull the cost down to a "reasonable level," though without defining what that level is.

Property sales swung into positive growth in June for the first time in eight months and a 6.9 percent annual growth in China's property sales revenues in June - snapping a seven-month losing streak - both bode well for recovery prospects.

And city authorities in Beijing sold a land parcel at a record high of more than 40,000 yuan ($6,300) a square metre in an auction last week, with the winning bid capped to keep it from going too high for what analysts consider to be Beijing's last available plot for residential development.

For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today
For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

Mortgage
China Stock Market

No comments:

Post a Comment