SouFun Holdings Limited (ADR) : China Average Housing Price Lower In January Vs December
01/31/2012| 09:34pm US/Eastern
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The average housing price for 100 major cities across China was lower for a fifth consecutive month in January, a China Real Estate Index System survey showed Wednesday.
The data provider said the survey of property developers and real-estate agencies showed the average home price in January was 0.18% lower from a month earlier at CNY8,793 a square meter. The average home price in December stood at CNY8,809, while November's figure was CNY8,832.
The survey, which the company compiles together with online real-estate brokerage SouFun Holdings Ltd., has been widely followed since China scrapped a national property price index in February last year.
China Real Estate Index System said property prices in 60 cities fell in January compared with the previous month, whereas 39 cities posted a rise.
Compared with a year earlier, the average price of a new home in January climbed 1.71%, slower than December's 2.86% rise.
The National Bureau of Statistics is scheduled to issue its January data for residential property prices in 70 major cities on Feb. 18.
Over the past two years, China has implemented a series of measures to curb property speculation. These include raising interest rates and imposing limits on house purchases to make homes more affordable and to head off potential social instability.
Home sales and prices in major cities have subsequently fallen, although this has put pressure on cash-strapped property developers and on local governments that depend on land sales for revenue.
-By Esther Fung, Dow Jones Newswires; 86-21-6120-1200; esther.fung@dowjones.com
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