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China’s home prices fall in October

2014-11-19 09:07 Shanghai Daily Web Editor: Qin Dexing
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Home prices in China continued to fall in October even as more buyers sought homes because housing policies were revised and supply was abundant, according to a latest survey.

The number of Chinese cities where prices fell month on month was unchanged at 69 last month while prices were flat in Zhengzhou, Henan Province, the National Bureau of Statistics, which tracks housing prices in 70 major cities, said yesterday on its website.

"As local governments around the country revised their mortgage policies and real estate developers continued to launch projects to cut inventory, some home seekers stopped sitting on the sidelines," said Liu Jianwei, the bureau's senior statistician.

New home prices in Qinhuangdao, Hebei Province, fell 1.6 percent from September to lead the drop nationwide. That compared with a maximum 1.9 percent decline in September, according to the bureau's data.

Of the four first-tier cities, new housing prices in Beijing dropped 1.3 percent from September, followed by a 1.2 percent retreat in Guangzhou and a 0.7 percent loss in Shanghai. Prices in Shenzhen shed 0.4 percent month on month.

In the pre-owned home market, 64 cities saw monthly price drops, down by six from September. The prices in four cities were flat while the remaining two posted growth. Pre-owned home prices in Shanghai, Guangzhou and Shenzhen were flat from September, the bureau said.

Liu, however, pointed out that some cities such as Beijing saw a monthly rise in pre-owned home prices.

On an annual basis, new home prices in 67 of the 70 cities declined, nine more than September. The prices of pre-owned homes dropped in 65 cities from a year earlier, the bureau said.

An earlier report released by the bureau confirmed a rebound in buyers' sentiment around the country.

The value of new houses sold across the country fell 9.9 percent in the January-October period from a year ago to 4.63 trillion yuan (US$756 billion).

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