{"id":19532,"date":"2021-05-21T04:57:52","date_gmt":"2021-05-20T21:57:52","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/chinas-april-home-prices-spiked-at-the-fastest-pace-in-8-months-2\/"},"modified":"2021-06-04T16:13:00","modified_gmt":"2021-06-04T09:13:00","slug":"chinas-april-home-prices-spiked-at-the-fastest-pace-in-8-months-2","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/chinas-april-home-prices-spiked-at-the-fastest-pace-in-8-months-2\/","title":{"rendered":"China&#8217;s April home prices spiked at the fastest pace in 8 months"},"content":{"rendered":"<p><span data-contrast=\"auto\">The National Bureau of Statistics (NBS) indicated that prices increased in 62 of the 70 cities tracked<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_12412\" aria-describedby=\"caption-attachment-12412\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-12412 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/05\/shutterstock_710616490.jpg\" alt=\"\" width=\"1000\" height=\"667\" \/><figcaption id=\"caption-attachment-12412\" class=\"wp-caption-text\">Shenzhen and Shanghai have started to see housing market cool off slightly. FuyuLiu\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">According to <a href=\"https:\/\/www.scmp.com\/business\/china-business\/article\/3133745\/chinas-april-home-prices-soar-breakneck-pace-putting-onus\" target=\"_blank\" rel=\"noopener\">South China Morning Post<\/a>, China\u2019s home prices soared at the fastest pace in eight months to the highest level in five and a half years, as buyers disregard the government&#8217;s cooling measures to bring down the property bubble. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The average price of new homes across 70 major cities rose 4.8 percent in April from 2020, revealed the National Bureau of Statistics (NBS). <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Prices rose in 62 of the 70 cities tracked by the NBS, piloted by shot-up listings in the huge city of Chongqing of 30 million people. <\/span><\/p>\n<p><span data-contrast=\"auto\">Such price increases have put pressure on the government to implement more draconian measures to cool the market, as housing affordability has been one of the government\u2019s hot political issues this year. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Yan Yuejin, director of the Shanghai-based E-house China Research and Development Institute, said: \u201cThe 100th anniversary of the founding of the Communist Party elevates the control of home prices to a top priority. We will see more tough measures to cool down the market this year, particularly on home speculators.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The central government\u00a0emphasised\u00a0the unaffordability of houses as a \u201cdifficulty\u201d in Premier Li Keqiang\u2019s annual work report.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cWe will keep the prices of land and housing, as well as market expectations, stable,\u201d Li said in the report to China\u2019s legislature in Beijing. \u201cWe will address prominent housing issues in large cities [and] make every effort to address the housing difficulties faced by our people, especially new urban residents, and young people.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/hong-kongs-booming-luxury-housing-market-could-snap-up-jardines-lookout\/\" target=\"_blank\" rel=\"noopener\"><strong>More: Hong Kong\u2019s booming luxury housing market could snap up \u2018Jardine\u2019s Lookout\u2019<\/strong><\/a><\/p>\n<p><span data-contrast=\"auto\">In efforts to prevent housing speculation, the government has brought back the idea of instituting a property tax.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cShenzhen and Shanghai, once named by the regulators, have started to see housing market cool off slightly while speculations emerge in other major cities not yet underscored by top officials and prices there started to increase fast,\u201d Yan said.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Shenzhen is showing some initial signs of success in containing rampant house prices after 13 rounds of cooling measures since last July. Average\u00a0new\u00a0home prices increased 0.5 percent in April. While lived-in home prices were stable, the first month without an increase in 20 months.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0National Bureau of Statistics\u00a0(NBS)\u00a0indicated that prices increased in 62 of the 70 cities\u00a0tracked\u00a0<\/p>\n","protected":false},"author":2,"featured_media":19533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1612],"tags":[1613],"class_list":["post-19532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsproperty-report","tag-chinacooling-measureshome-affordabilityhome-prices","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 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