Thursday, June 24, 2010

New home prices continue to rise in China

(BEIJING) New commercial home prices in 36 major Chinese cities continued to climb month-on- month in May despite the government's attempt to cool the property market, the National Development and Reform Commission (NDRC) said yesterday.

Average new commercial home prices in 36 popular cities were priced at 8,479 yuan (S$1,719) per square metre in May, up 0.81 per cent from the April figure, according to the NDRC.

However, the May growth rate in those 36 major cities was 2.65 percentage points lower than the April figure.

According to the National Bureau of Statistics figures released on June 10, home prices in 70 large- and medium-sized Chinese cities rose by 12.4 per cent year- on- year in May.

To rein in house prices, the Chinese government has tightened scrutiny of developers' financing, limited loans for third-home purchases, raised minimum mortgage rates and tightened down-payment requirements for second-home purchases. -- Xinhua

Source: Business Times, 24 Jun 2010

No comments:

Post a Comment