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Free AccessMNI 5 THINGS: China's New Home Prices Continued to Fall in Feb
By Flora Guo
BEIJING (MNI) - The following are five things we have learnt from the
70-city housing price data released by China National Bureau of Statistics on
Monday:
- Average new home prices growth for 70 cities, excluding subsidised
housing rose 0.2% month-on-month in February, lower than the 0.3% growth in
January. It grew 5.8% year-over-year in February, 0.4 percentage point higher
than growth in January due to base effects.
- Price growth continued to cool in February, which shows the property
controls implemented by the Chinese government are taking effect and curbing
price growth. Among 70 large and medium cities, prices rose in 44 cities in
February m/m, compared with 52 in January, and fell in 16 cities last month,
compared with 13 in January. Overall, the net rise for 15 cities m/m expanded to
-11 from -2 in January.
Table: China Residential Property Prices - No. of Cities where Prices are
Rising/Falling
No. Cities
Rising/Falling Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr
--------------------------------------------------------------------------------
15-Top cities m/m Rise 1 5 8 4 3 0 0 5 6 6 6
Fall 12 7 4 7 9 11 12 7 5 6 5
Net
Rise -11 -2 4 -3 -6 -11 -12 -2 1 0 1
70-Large and
medium cities m/m Rise 44 52 57 50 50 44 46 56 60 56 58
Fall 16 13 7 10 14 18 18 9 6 9 8
Net
Rise 28 39 50 40 36 26 28 47 54 47 50
15-Top cities y/y Rise 5 4 6 4 5 12 13 15 15 15 15
Fall 9 11 9 11 10 3 2 0 0 0 0
Net
Rise -4 -7 -3 -7 -5 9 11 15 15 15 15
70-Large and
medium cities y/y Rise 59 59 61 59 60 67 68 70 70 69 69
Fall 9 11 9 11 10 3 2 0 0 1 1
Net
Rise 50 48 52 48 50 64 66 70 70 68 68
- The property market cooled down in 15 hotspot cities ('top cities') that
the NBS monitored. According to MNI calculations, average price growth for 15
cities fell 0.2% on a monthly basis, its first time in negative territory since
September last year.
Table: China Residential Property Prices - Average Price Increases
Average
Price Chg % Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr
--------------------------------------------------------------------------------
15-Top
cities M/M -0.2 0.0 0.1 0.0 0.0 -0.2 -0.2 0.0 0.0 0.0 0.1
Y/Y 0.0 -0.5 0.0 -0.2 0.3 2.1 6.9 11.1 13.6 16.2 19.0
70-Large
and medium
cities M/M 0.2 0.3 0.5 0.4 0.3 0.2 0.2 0.5 0.7 0.8 0.7
Y/Y 5.8 5.4 5.8 5.5 5.7 6.5 8.2 9.3 9.6 9.7 9.9
Source: MNI - MNI Calculation from National Bureau of Statistics of China
- More cities have seen a fall in home prices month-on-month - including
all four first-tier cities and 12 second- and third-tier cities. On a
year-over-year basis, it was the same case that less cities were increasing the
price with more had their price unchanged, a MNI calculation showed.
- Cities in northeast and southwest China experienced rapid price growth in
February on a year-over-year basis, including Shenyang (+12.1%), Beihai
(+12.2%), Kunming (+11.4%), Nanchong and Harbin (both at +10.8%). On the other
hand, cities in southeast China have started on a downturn trend - Shenzhen
(-2.5%), Nanjing and Fuzhou (both at -1.5%) and Wuxi (-1.2%) are the four that
saw the largest decrease in February.
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com
--MNI Beijing Bureau; +86-10-8532-5998; email: beijing@marketnews.com
[TOPICS: MAQDS$,M$A$$$,M$Q$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.