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People's Daily Online>>China Business

Home prices drop in Jan from tightened property policies

By Hu Yuanyuan (China Daily)

12:27, February 19, 2012

BEIJING - Property prices in more than two thirds of China's major cities dropped further in January from the previous month, the result of a policy-driven property market.

Of 70 major cities monitored by the government, 48 saw prices fall month-on-month, the National Bureau of Statistics said on Saturday. That is slightly fewer than the 52 cities which saw prices drop in December. Twenty-two other cities were seen as stable, compared with 16 in December.

Year-on-year, 15 cities saw a price fall in January, compared to nine in December.

Wenzhou, a highly speculative market that was recently hit by a private financing crisis, recorded the sharpest monthly drop among all cities, 0.6 percent.

Beijing and Shanghai both posted a 0.1 percent dip month-on-month, the NBS said.

"With the government's tightening measures set to continue, a deepened price correction is expected in the first half year," said Carlby Xie, head of research at the real estate consultancy Colliers International (Beijing).

"However, home prices may gradually stabilize in the second half after falling back to a reasonable level."

Since the start of 2011, the government had introduced many measures to cool down the runaway real estate market, such as pushing up minimum down-payments, limiting the number of homes a family could purchase in some cities and introducing property taxes in Shanghai and Chongqing.

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Observer at 2012-02-19180.191.229.*
What goes up must come down, "naturally". So much for the free market.

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