38 Big Cities in China See Home Prices Fall Over One Year
Image Source : China Visual
BEIJING, October 10 (TMTPOST) – Despite the easing of purchase restrictions and loan restrictions and other policies to stabilize housing prices earlier this year, the real estate market in most cities across China has continued to be in the doldrums.
As it takes time for the policies to go from taking effect to showing results, the downward trend in China's housing market has lasted for more than 24 months, indicating that there is a long way to go to boost market confidence.
Among the 50 cities being monitored, only a total of four cities, including Chengdu, Beijing, Shanghai and Hefei, have seen a cessation of price falls and the other 46 cities' residential price index is still in decline, Shanghai E-House China R&D Institute released report on house price index of 50 cities on Tuesday.
Among the country's major provincial capitals, Zhengzhou has the largest number of buildings whose construction was suspended due to financial problems, leading to the continued depression of the local housing market.
Housing prices in the cities near Beijing, particularly in Langfang in Hebei Province, have begun to fall since July 2017, which is 43 months in total. They also have the largest price decline of 15.0% among the 50 surveyed cities.
Among the 38 cities where housing prices have continued to fall for a whole year, there are big second-tier cities, such as Wuhan, Ningbo, Qingdao and Tianjin.
Among the first-tier cities, only Shenzhen's housing prices fell for more than one year. It is believed that this is mainly due to the fact that Shenzhen was the first to introduce a guidance price for existing homes and the effect of this policy has continued to this day.
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