China Property Values Fall in February

  • 15 years ago
  • Uncategorized
Property prices in the largest Chinese cities fell 1.2 percent in February from the same time in 2008, according to the National Development and Reform Commission. Prices in January fell 0.9 percent year over year. The commission measures the prices in the top 70 cities throughout the country.
The three largest cities in China of Beijing, Shanghai and Guangzhou all saw prices fall for the month. Guangzhou saw the largest drop for the big three, falling 4.4 percent, with Shanghai next at 2.4 percent and Beijing having just a 0.7 percent fall in real estate prices.
While the drop in prices is not necessarily good news for owners, it has helped to spur increased sales, according to the China Index Institute. 80 percent of the cities that the institute monitors saw increases in the volume of sales for February. Property sales in Guangzhou were up by 85.6 percent in the month, and in the other two major cities the volume was up nearly 50 percent in each.
One analyst believes the trend will continue: “Falling prices and increasing sales will continue into the second quarter,” said Qin Xiaomei, research chief at CB Richard Ellis´ Beijing branch.
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