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Housing prices in China tack on in April
In most China’s cities housing prices managed to grow in April. That’s what the National Bureau of Statistics uncovered.
As a matter of fact, in April, new housing prices in China's 70 largest cities ascended by approximately 0.5%, having jumped by up to 0.4% in March.
In April, the annual house prices inched up by about 4.7%, slowing down after the surge of 4.9% demonstrated in March.
On a monthly basis, house prices rallied in 58 major cities in China out of 70 respondents by the government. Additionally, prices headed south in 10 cities and remained intact in two cities.
The highest rise in house prices was recorded in Haikou and Sanya by about 1.9%, and the sharpest dive was seen in Ankine – by up to 0.3%.
According to analysts, the data definitely indicate a soaring differentiation between urban property markets throughout the country, with a fine-tuning of urban policy in this Asian country.
The figures illustrated here above perfectly illustrate the mentality, which is still prevalent in the Chinese real estate market. That’s what Yang Yujing, research director at the E-house Research and Development Institute in Shanghai told. He added that a great number of Chinese buyers are geared up towards buying in cities, with still lower prices. Another crucial factor is that opportunities are currently limited in large cities.
The soar in prices in second-tier cities in China, which includes most of the key provincial capitals and in the third-tier towns, speeded up in April by up to 0.1 pp. and by 0.2 pp. respectively, as the statistical office informed. However, it didn’t provide real growth rates.
Market experts also point to political and economic events, which attracted new investors to real estate markets far from major cities in China.
US Advance quarterly GDP is announced on April 29 at 15:30 MT time.
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