Home prices dropped 0.18 percent last month from December, according to SouFun, the nation’s biggest real-estate website owner that began compiling the figures in July 2010. Residential prices slid in 60 of 100 cities tracked by the company, same as in December, it said in an e-mailed statement today.
Average home prices nationwide climbed 1.7 percent in January from the same time in 2011 to 8,793 yuan ($1,394) a square meter (10.76 square feet), the slowest pace of growth since August, SouFun said.
Some banks in Shanghai lowered their mortgage rates to the benchmark rate for first-home buyers, China Business News reported yesterday, citing people it didn’t identify. Some banks’ mortgage rates for first-home buyers were 10 percent above the benchmark in the second half of 2011 partly because of cash shortages, according to the newspaper.
Home sales in China’s four-biggest cities were sluggish during the week-long Lunar New Year holiday last week. Transactions in Beijing, Shanghai, Guangzhou and Shenzhen fell 66 percent to 109 units compared with the holiday period a year earlier, Centaline Property Agency Ltd., China’s biggest real- estate brokerage, said Jan. 30.
Luoyang, Ordos
The central Chinese city of Luoyang and the northern city of Ordos had the biggest month-on-month decline in January, falling 2.6 percent and 2.3 percent, respectively, according to SouFun. The eastern city of Taizhou had the largest gain, up 1.5 percent.
“China’s property policies are unlikely to be reversed this year, but the implementation will possibly be less strict if the sector deteriorates further,” said Gao Ting, chief China strategist at UBS AG, in an interview in Bloomberg’s Shanghai office yesterday ahead of the SouFun data.
China’s outstanding property loan growth slowed last year by 13.5 percentage points from 2010, the central bank said Jan. 30.
Margins of developers will be under pressure this year and home prices may be little changed at the end of the year after falling 5 percent in the first three quarters, said CLSA’s Wong.
A gauge tracking property shares on the Shanghai stock exchange rose 0.3 percent as of 10:21 a.m., compared with a 0.2 percent advance in the benchmark.
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Home sales in China’s four-biggest places were gradual during the week-long Lunar New Year vacation the other day.
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New house are now going down in some of the bigger China places.
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