As we get ready for another long spring festival holiday here in China, the top guys in the Beijing government may just be getting a slightly larger hong-bao than usual in return for their success in achieving one of 2011’s biggest goals — cooling the real estate market.
How do you say 'ka-ching' in Chinese?
As we chronicled in our post on 6 Key Stats on China’s Real Estate Market, the National Bureau of Statistics recently released data showing that the growth in the property market in December had started to drop off at a faster rate than previously.
Now, our intrepid team here at Mingtiandi has dug up another 10 (count’em) key figures on China’s 2011 real estate market which you can use to wow your friends and bully your realtor. Here they are:
- Excluding government-funded affordable housing, prices fell month-on-month in 52 of the 70 cities tracked by the bureau in December, compared to 49 in November, 34 in October and 17 in September.
- Prices remained unchanged in 16 cities, the same as in November, and rose in the remaining two, both by 0.1 percent
- In Shanghai, Beijing, Guangzhou and Shenzhen, where home purchase restrictions have been rigorously enforced, new home prices fell by between 0.2 and 0.5 percent from a month earlier. They dipped by between 0.3 and 0.4 percent in November.
- New home prices in Nanjing, Hangzhou and Jiujiang, all in eastern China, dropped the most in December, down 0.7 percent from a month earlier, while those in Guiyang in the southwest and Yinchuan in the northwest gained 0.2 percent.
- Year-on-year, nine cities saw a decrease in new home prices last month, more than double that in November.
- Prices for previously owned homes fell in 51 cities in December, unchanged from November.
- Prices of newly built homes in major cities such as Beijing, Shanghai, Shenzhen and Guangzhou were marginally lower compared with November, the statistics bureau’s statement said.
- Wenzhou posted the largest sequential and annual slide in December, with prices falling 1.9% from a month earlier and 6.9% from a year earlier.
- Prices in the 70 cities covered by the survey decreased by 0.22% on average in December from a month earlier, compared with a 0.17% decrease in November and a 0.13% increase in October.
- Prices rose 1.6% on average in December from a year earlier, compared to a 2.3% increase in November.
China Real Estate Round Up
While we try to cover as many stories as possible here at Mingtiandi, sometimes its just better to let others do the talking. So here are some stories worth running down the battery on your iPhone.
- US private equity firm Blackstone is on the hunt for new deals after cashing out of its JV with Evergrande
- Bloomberg projects a credit crisis for cash-strapped developers if market restrictions stay in place
- Developer Evergrande says bad times are here to stay as it looks forward to a gloomy Q1 and 2012
and for some more cheerful news, there is always the retail sector;
- Plaza 66 developer Hang Lung sees its profits jump thanks to rising retail rents
- Disney will open its first China store in 2012 and plans 25-40 more by 2015
Enjoy your holiday and thanks for reading Mingtiandi during the rabbit year.
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