The central Chinese government has sent eight “special” teams to evaluate the effects of the real estate tightening measures implemented across the country, in a move to prevent a housing bubble from creating social unrest. “The key point (of the move) is probably to reiterate that the government is serious about property controls and will work firmly to stabilise property prices,” according to an...
China Property Market
China's home prices will decline later this year, with sales volume already falling following purchase restrictions by local governments, said Mr Li Daokui, an adviser to the People's Bank of China (PBOC), the country's central bank. A 5- to 10-per-cent drop in home prices will be a "significant achievement", he said in Beijing yesterday. Cities such as Chengdu in south-western Sichuan province should be...
China should adopt more tax measures to rein in rising property prices, as there are limits to what credit restrictions can accomplish, an official from the country's banking regulator was quoted as saying in the Financial News yesterday. China could start collecting land appreciation taxes in advance and could start collecting real estate taxes in more areas where property prices are rising quickly, Mr...
Economists yesterday welcomed reforms of China's system for reporting property price data, saying the changes would improve on previous methods that severely underestimated inflation in the housing sector in the world's second-largest economy. The National Bureau of Statistics (NBS) announced this week that it was scrapping a nationwide property index and would instead publish price changes for individual...
Residential property prices in China rose 0.95 per cent last month from a month earlier, up from December's increase of 0.90 per cent, a private data provider said yesterday. The China Real Estate Index System (CREIS) said home prices stood at an average 8,645 yuan ($1,677) per sqm in the 100 cities it covers in its survey. The CREIS data is closely watched by real estate investors who believe that it...
Rising property prices lead to concerns of a similar asset bubble As property prices in China continue to rise - frustrating government efforts to rein them in - some analysts are concerned that China may end up with a Japanese-style asset bubble, which kept growing in the '80s before it burst with painful consequences for the economy. The analysts noted that China's property market seemed to be fuelled...
The Chinese cities of Chongqing and Shanghai yesterday announced the launch of a long-awaited property tax, a day after additional nationwide tightening measures unveiled late on Wednesday by the State Council, China's Cabinet. Chongqing is the world's biggest city with a population of some 32 million. Its mayor, Mr Huang Qifan, announced the pilot scheme yesterday, Chinese news portal Sina.com reported....
Home prices in China's major cities soared by more than a fifth last year, private research showed yesterday, painting a picture at odds with official data following repeated government efforts to tame the red-hot sector. Prices in Hangzhou rose the most, by 47.1 per cent, followed by 37.9 per cent in Chongqing and 37.1 per cent in Beijing, according to the China Real Estate Index System (CREIS), run by...
Rising consumerism fuelling demand for more quality malls It is a typical evening after work - groups of fashionably-dressed office women walk into a ZARA store for some retail therapy and to de-stress after a hard day's work. After trying the latest in women's fashion, they walk out with happy smiles and paper bags of their purchases in hand. This scene is played out every night - except that it is not...
Residential property prices in China's 100 key cities rose 0.8 per cent last month from a month earlier, according to the China Real Estate Index System (CREIS). Shenzhen stood out as the city with the highest average property price at 24,601 yuan ($4,840) per sq m, followed by Shanghai, Beijing, Hangzhou and Sanya, the private data provider said. Housing prices in the country's 10 most expensive real...