Chinese property market steady in January but home prices dip in big cities
Prices fall in top-tier cities like Beijing, Shenzhen and Shanghai from a year ago
China’s property market was steady to slightly lower in January, with home prices dipping across 11 major cities from a year earlier, according to the latest official figures.
Home prices declined in first-tier cities, while growth slowed in second- and third-tier cities, Liu Jianwei, senior statistician at the National Bureau Statistics, said in a statement on Saturday.
New home prices – excluding government-subsidised housing – climbed in 52 of 70 cities tracked, compared with 57 in December, the data showed. But they fell in 13 cities from the previous month and were unchanged in five.
Beijing and Shenzhen reported higher home prices compared with December but they fell from a year ago. Prices in Shanghai dropped in January from December and from a year earlier, the statistics bureau said.
The acceleration in new home prices across the nation suggests moves by provincial governments to support first-time buyers and upgraders by relaxing some purchase restrictions may be further fanning price gains in a market where fear of missing out is strong and mortgage fraud is rampant.