Jan 17, 2019 (China Knowledge) - National Bureau of Statistics, yesterday, released housing price data of 60 cities for the month of December, 2018. The data shows a significant decline in the prices of second-hand houses, while the new-property prices are still rising.
After the strict control on real estate industry in the past two years, the growth rate of housing prices has started to flatten. According to the data by National Bureau of Statistics, the prices of newly built commercial houses in 70 large and medium-sized cities increased 0.8% month-on-month, and increased 10.6% year-on-year. Specifically, 59 cities saw a rising price for new commodity housing, while prices got lower in 8 cities, the number hitting new highs since May 2018.
Compared to the new residentials’ prices, prices of second-hand houses are more sensitive to market changes and are more representative of the market price. Property developers will maintain the new-property price at a certain level because of the cost and their sales strategies. The supplier of second-hand property is usually an individual, more aware of the market information.
Second-hand housing prices decreased in 22 cities. Most of these cities are first and second tiered cities. The volume of second-hand housing transactions in these cities has accounted for more than half. In Beijing and Shanghai, it consists of 80% of the total transactions. December 2018 saw most cities having a lower second-hand housing price since 2016. However, there are signs of adjustment in property prices.
2. Support different settlement cycle needs of foreign investors; to study and optimize the participation of foreign investors in foreign exchange hedging transactions
3. Repo transactions will be opened up and the use of RMB derivatives will be promoted
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