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China Property Prices See First Growth In 10 Months

News Posted On: 04 July 2012

New property prices in China have risen for the first time in nearly a year. The increase comes as the government has begun to ease monetary policy is in order to boost the slowing economy.

The latest data from Soufun Holdings shows prices increased by 0.1% from May, to reach $1,367 per square metre. Their survey is based on prices in 100 cities, and Beijing had the biggest price gains, with property prices rising by 2.3% from May. Shenzhen saw the next largest price gains, with rises of 0.8%.

Although the government has eased some property restrictions, it has maintained housing curbs on speculative demand. It has however eased funding by lenders, and has pledged to give extra support to first-time buyers. Last month the central bank cut the lending rate for the first time since 2008. The Chinese vice Premier, Li Keqiang has also called for more affordable homes to be built.

First-time buyers in Beijing are able to claim a 15% discount on the 6.8% benchmark rate, and buyer sentiment is gradually increasing. More developers have decided not to discount properties, and some have even decided to raise prices after sales have increased.

Evergrande Real Estate Group, who is the country’s largest developer by sales volume, recently posted a 33% increase in sales. Its sales reached a record 10.4 billion Yuan in May compared to a year earlier. Although property prices are increasing in some areas, most experts think the prices of residential homes will not rise substantially this year, but are predicting prices could rebound by the second quarter of 2013.

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