{"id":10657,"date":"2021-01-18T11:35:54","date_gmt":"2021-01-18T04:35:54","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=10657"},"modified":"2021-06-04T15:56:26","modified_gmt":"2021-06-04T08:56:26","slug":"chinas-average-new-house-prices-grew-reasonably-in-december","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/chinas-average-new-house-prices-grew-reasonably-in-december\/","title":{"rendered":"China\u2019s average new house prices grew reasonably in December"},"content":{"rendered":"

The property market raises concerns on financial risks as it quickly bounces b<\/span>ack<\/span>\u00a0<\/span>
\n<\/span><\/p>\n

\"\"
Modern executive apartments in China. GQ\/Shutterstock<\/figcaption><\/figure>\n

According to the National Bureau of Statistics (NBS), average new house prices in 70 major cities increased by 0.1 percent month on month in December<\/span>, as government measures cool property market, reported South China Morning Post<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Owing to local governments\u2019 urban residency permits and relaxation on price ceilings, China\u2019s real estate market has recuperated rapidly from the pandemic<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

However, the quick recovery has heated up financial risk concerns,\u00a0<\/span>with the government initiating measures to deleverage\u00a0<\/span>the sector since the second half of 2020.\u00a0<\/span>\u00a0<\/span><\/p>\n

Regulators\u00a0<\/span>defined in August b<\/span>orrowing caps<\/span>\u00a0known as \u201cthe three red lines\u201d, while in December, the central bank intro<\/span>duced limits on property<\/span>\u00a0loans issued by banks.\u00a0<\/span>\u00a0<\/span><\/p>\n

Data from the NBS indicated that<\/span>, in November,\u00a0<\/span>the number of cities reporting monthly price rises for new homes increased from 36 to 42 out of 70 cities.\u00a0<\/span>Monthly increases were caused by price rises in tier-1 cities, which included Shanghai, Beijing, Shenzhen, and Guangzhou. <\/span>\u00a0<\/span><\/p>\n

More: <\/strong>Chinese buyers unlikely to invest in foreign property next year<\/strong><\/a><\/p>\n

Tier-1 cities\u2019 new home prices grew 0.3 percent, and second-hand home prices rose 0.6 percent.\u00a0<\/span>\u00a0<\/span><\/p>\n

Zhang Dawei, an analyst with property agency <\/span>Centaline<\/span>, revealed that price rises in tier-1 cities were due to <\/span>population inflow, tight new home supply, and growing speculative purchases.\u00a0<\/span>\u00a0<\/span><\/p>\n

In 2020, China experienced unequal growth in home prices, as affluent residents gained the most of easy credit during the pandemic<\/span> to buy properties in eastern and southern coastal cities, while smaller cities wrestled with the mass migration of people.\u00a0<\/span>\u00a0<\/span><\/p>\n

Yangzhou city led monthly price rise in December with 0.8 percent, showed the NBS data.\u00a0<\/span>\u00a0<\/span><\/p>\n

Economist at UBS mentioned, \u201cwe expect property policies to be more hawkish [in 2021] in light of strong growth rebound and more focus on risk control, with tougher rules on developers\u2019 financing and property-related credit persisting, and some overheating cities tightening home purchase rules.\u201d <\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The property market raises concerns on financial risks as it quickly bounces back\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":20951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[137,520,1048,557],"class_list":["post-10657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-china","tag-home-prices","tag-price-ceiling","tag-property-market","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"\nChina\u2019s average new house prices grew reasonably in December | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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