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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
December house prices stay resilient
    2019-01-17  08:53    Shenzhen Daily

HOUSE prices remained buoyant in December as big Chinese cities rebounded, a sign that the government’s efforts to support its slowing economy may be putting a floor on the real estate market.

Investors have been closely watching China’s property markets for further signs of cooling after tough curbs were put in place to rein in prices.

December marks the 44th straight month of price increases, despite government measures designed to rein in a real estate boom.

Most of the 70 cities surveyed by the National Bureau of Statistics (NBS) still reported a monthly price increase for new homes in December. However, in a sign of weakening market strength, the number was down to 59 from 63 in November.

From a year earlier, new home prices in December rose 9.7 percent, accelerating from November’s pace and almost doubling from a 5.4-percent rise in December 2017.

Wang Yifeng, director of the financial center of China Minsheng Banking Corp.’s research institute in Beijing, said banks had stepped up mortgage lending recently though interest rates have peaked.

“We believe that household leverage will continue to rise and a 10-percent discount on mortgage rate may reappear. This is an inevitable trend that will create a hedge for the entire market,” he said, adding that some restrictive property curbs could be loosened.

Some smaller cities — with less onerous regulations — have tacitly loosened policies to boost the market. In December, Heze, a city in eastern China, reversed a rule designed to curb real estate flipping, sparking speculation more cities could follow suit as slowing sales weigh on the economy.

Price growth in China’s top-tier cities — Beijing, Shanghai, Shenzhen and Guangzhou — was robust in December compared with the smaller cities, rising 1.3 percent from a month earlier, compared with an increase of 0.3 percent in November, the NBS said in a statement accompanying the data.

The top price performer in December was Guangzhou, a megacity of 13 million, whose prices surged 3 percent month on month, NBS data showed.

The smaller tier-2 provincial capitals and tier-3 cities that the official survey tracks posted a slightly smaller monthly price gain of 0.7 percent, respectively.

China’s top developers by sales, Country Garden, China Vanke and China Evergrande, have seen their contracted sales slowing in recent months.(SD-Agencies)

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