Central Plains Greater Bay Area Index Drops 0.4% Month, Foshan Hits Seven-Month High

In December last year, the Central Plains Greater Bay Area Index reported 114.44 points, down 0.4% month-on-month, and rose 5.6% last year, outperforming the Hong Kong Index

The Central Plains Greater Bay Area Index uses the transaction prices of primary and second-hand homes in 9 cities in Guangdong Province and two special zones as the core data, and builds on the annual GDP of each city as the weight. Among the 12 indexes in the latest report, a total of 7 indexes recorded declines ranging from 0.4% to 2.88%, and a total of 5 indexes recorded increases, ranging from 0.17% to 2.6%. In December, a total of three city indexes recorded new highs, namely Shenzhen, Huizhou and Foshan, of which Huizhou and Shenzhen reached new highs for two consecutive months and four months respectively, and Foshan hit new highs for seven consecutive months.

It is expected that property prices in the Greater Bay Area will stabilize and rise this year

In terms of annual increase, 8 of the 12 indexes recorded gains, Dongguan ranked first, and the index rose 22% in 2019. The four major cities saw the Shenzhen index increase the most, reaching 9.4%. The Central Plains Greater Bay Area Index also recorded an increase of 5.6% throughout the year, and the 12th index ranked sixth. The Hong Kong index followed closely behind, rising 4.4% throughout the year.

Central Plains Real Estate Asia Pacific Vice Chairman and President of the Residential Division, Chen Yongjie said that in December, some city developers in the Greater Bay Area had reduced prices at the end of the year, which led to the decline in some Bay Area indexes. 1.66%, the index hit a new 8-month low.

The property market in the Greater Bay Area was affected by a number of adverse news in the second half of the year, such as the Sino-US trade war and the global economic downturn

The downward adjustment is more obvious, offsetting some of the increase in the first half. However, with the preliminary agreement reached between China and the United States, the situation in Hong Kong is also showing signs of easing. Chen Yongjie believes that in 2020, prices in the Greater Bay Area will stabilize and rise.


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