China House Price Increases Slow in April

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High rise residential blocks under construction. Prices on the rise

BEIJING, (AFP) – Price rises for new homes in China slowed in April for the fourth straight month, an independent survey showed Wednesday, even as costs in some of the country’s largest cities maintained double-digit gains.
The average price of a new home in 100 major cities rose 9.06 percent year-on-year in April to 11,013 yuan ($1,759) per square metre, according to the China Index Academy which compiled the survey.
The increase compared with a rise of 10.04 percent in March, according to the academy, the research unit of real estate website operator Soufun.
China’s government has sought for more than three years to contain rising property values, while also promising to increase the supply of affordable housing as price increases stoke discontent among ordinary citizens unable to afford new homes.
But at the same time local authorities in the country make much of their income from land sales to developers. Market control measures have included restrictions on purchases of second and third homes, higher minimum down-payments and taxes in some cities on multiple and non-locally owned homes.
Prices in April rose 0.10 percent from the previous month, the data showed, slowing from March’s gain of 0.38 percent but still marking the 23rd straight month-on-month increase.
Beijing again led the rise in new home prices among the 10 biggest Chinese cities. The average cost in China’s capital jumped 23.94 percent year-on-year to 33,241 yuan per square metre.
Nevertheless, that marked a slowdown from the 27.13 percent increase seen in March and February’s 29.55 percent rise, the data showed.
Price rises also slowed in the southern cities of Guangzhou, where costs gained 18.06 percent year-on-year, and Shenzhen, where they climbed 16.56 percent.
China’s commercial capital Shanghai saw the average cost of a new home increase to 32,527 yuan per square metre for a gain of 15.34 percent from the same month a year ago, accelerating from March’s increase of 14.89 percent.

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