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Monday, May 19
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China’s new home prices stabilise as rate cut, lifeline funding lift market confidence

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Home prices in major cities in mainland China stabilised, holding onto recent gains as lower borrowing costs and state-led measures to support developers helped inject confidence in the market.

Prices of new homes in China’s four first-tier cities were unchanged in April from a month ago, following a 0.1 per cent rise in March, according to data covering 70 large and medium-sized cities published by the statistics bureau on Monday. Prices in second-tier cities were also unchanged, while those in third-tier cities slipped 0.2 per cent, it added.

Beijing and Shanghai recorded a 0.1 per cent and 0.5 per cent gain, respectively, while those in Guangzhou and Shenzhen declined 0.2 and 0.1 per cent, the report showed.

“This marks a phased victory for cities at all levels,” said Yan Yuejin, vice-president of E-House China Real Estate Research Institute in Shanghai. “Continued momentum will be needed in the second quarter” to sustain the market recovery over the past seven months, he added.

08:23

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China’s central bank cut the mortgage rate on housing provident funds by a quarter-point cut on May 7 for first-time homebuyers, bringing it down to a record low 2.6 per cent. The nation’s commercial banks have also approved 6.7 trillion yuan (US$929 billion) of loans to “whitelist” housing projects to date, covering nearly 16 million homes, it added.



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