China: House prices inch up in February
March 18, 2017
House prices in China in 70 large- and medium-sized cities rose 0.3% in February from the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). The print was above the 0.2% increase observed in the previous month, which had marked a 15-month low. According to the NBS, the sale price of newly-constructed residential buildings declined in 12 cities, increased in 56 cities and remained flat in 2 cities.
House prices rose 11.8% annually in February, which was below January’s 12.2% increase. Annual average growth in house prices rose from 8.9% in January to a new record high of 9.6% in February.
The housing market remains buoyant in some cities despite local government measures to cool the market. Along with February’s acceleration in house prices, property sales surged in the first two months of the year. Beijing, Ganzhou, Guangzhou, Nanjing, Qingdao and Shijiazhuang were the latest cities to join a wave of measures aimed at restricting home purchases.