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People's Daily Online>>China Business

Policies, developers' cuts push housing prices down again

By Hu Yuanyuan (China Daily)

15:00, February 02, 2012

BEIJING - China's home prices fell for a fifth month in January as the government maintained its curbs on the property sector and more developers cut prices to stimulate sales.

According to SouFun Holdings Ltd, the nation's biggest real estate website portal, property prices nationwide fell 0.18 percent last month from December. Prices dropped in 60 of 100 cities tracked by the company, the same as in December, it said on Wednesday.

On a yearly basis, average home prices nationwide climbed 1.7 percent in January to 8,793 yuan ($1,394) per square meter, the slowest pace of growth since August, SouFun said.

"Since the government has shown its determination to continue its rigorous measures, the first half of 2012 will see deeper price corrections," said Carlby Xie, head of research at the real estate consultant Colliers International (Beijing).

Premier Wen Jiabao reiterated at a meeting on Tuesday that regulators would "continue to strictly enforce" measures to discourage speculation, despite signs that the overheated market had been cooling.

Wen said the government wants prices to return to "reasonable" levels, which was the fifth time he has mentioned that goal within the past two years.

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