BEIJING — A growing number of Chinese cities saw month-on-month increases in commercial housing prices in March, driven by more active transaction activity in the property market, data from the National Bureau of Statistics (NBS) showed on Thursday.
An NBS survey covering 70 major cities said new house prices were higher in 14 cities last month, up from 10 in February, while resold home prices in 13 cities logged price increases, up from 11.
Home prices in first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, increased last month compared with February, while in second- and third-tier cities, the month-on-month decline narrowed or remained flat, according to official data.
Among the four first-tier cities, Shanghai, Guangzhou and Shenzhen saw prices of newly built homes rise 0.3 percent, 0.3 percent and 0.2 percent, respectively, and Beijing remained flat.
Prices of second-hand homes in first-tier cities rose 0.4 percent month on month in March, reversing a 0.1 percent decline from the previous month, the NBS said.
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Across 31 second-tier cities, the average month-on-month price decline was both 0.2 percent for new homes and for resold homes, while prices in 35 third-tier cities fell 0.3 percent for new homes and 0.4 percent for resold homes. Figures for resold homes showed narrowing declines in both second- and third-tier cities.
China will work to stabilize the real estate market this year, with city-specific policies to control the number of new real estate projects, reduce housing inventory, and improve supply, according to this year’s government work report.
The country will take well-ordered steps to promote the development of quality homes that are safe, comfortable, eco-friendly and smart, and carry out projects to enhance housing quality and initiatives to improve property services, the report said.
The report also noted that efforts will be made to provide housing support for first-time married couples and those with their first child, and to help families with children meet their housing needs.
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Since the end of last year, various local governments have introduced numerous policies to stimulate the housing market. For example, Nanjing has issued six measures, with the biggest highlight being an interest subsidy of 1 percent of the total loan amount for homebuyers who “sell their old home to buy a new one.”
Shanghai has also issued seven measures, explicitly to further adjust housing purchase restrictions, optimize housing provident fund loan policies, and refine tax policy.
Zhang Bo, a researcher at 58.com, noted that these measures have unleashed first-home, additional-purchase, and replacement demand, effectively revitalizing new and second-hand housing transactions in Shanghai, alleviating liquidity pressure in the second-hand housing market, and promoting a steady increase in transaction volume.
Real estate agency Shanghai Centaline Property analyzed that market signals in Shanghai have become increasingly clear: the scarcity of quality housing is gradually increasing. Whether it’s demand for first-home essentials or improvement projects, both supply and demand are robust.