The growth rate of property prices in the Mainland has slowed down
According to data released by the National Bureau of Statistics, Reuters calculated that in December 2019, the prices of newly built commercial buildings in 70 large and medium-sized cities rose 6.6% year-on-year, rising 51 months in a row, but the increase narrowed for 7 consecutive months. Compared with November last year, the growth rate was narrowed by 0.5 percentage points, the lowest since July 2018; the monthly property price rose by 0.3%, rising for 56 consecutive months, the same rate as in November last year.
A total of 50 cities recorded monthly increases in December, 4 cities remained flat, and 16 cities fell
As for the statistics of the Bureau of Statistics, the price index of new buildings in first-tier cities Beijing, Shanghai, Shenzhen and Guangzhou rose by 0.4%, flat, 0.7% and 0.3% respectively.
Property prices in second-tier and third-tier cities increased by 7.3% and 6.7% year-on-year, down 0.6 and 0.3 percentage points respectively; second-hand property prices increased by 3.7% and 3.9%, respectively, and the growth rates dropped by 0.2 percentage points. On a monthly basis, property prices in second- and third-tier cities rose by 0.3% and 0.6%, respectively, and the growth rate increased by 0.1 percentage point; second-hand property prices increased by 0.1% and 0.2%, respectively.
National Bureau of Statistics: Second-hand gains expand
Kong Peng, chief statistician of the National Bureau of Urban Planning, said that the increase in sales prices of newly-built commercial houses in first-tier cities has fallen; the increase in second-hand houses has slightly expanded. The sales prices of newly-built commercial houses in second- and third-tier cities expanded slightly on a monthly basis and decreased year-on-year; the growth rates of second-hand houses were the same or decreased.
Kong Peng said that the Central Economic Working Conference reiterated its position of “no housing and speculation” earlier, and emphasized “steadiness”, indicating that it is necessary to fully implement the long-term management and regulation mechanism that implements policies based on cities and stabilizes land prices, property prices, and expectations. Promote the steady and healthy development of the real estate market.