China's housing prices continue to stabilize

Updated 2018-04-18 15:45:02 Xinhua

Housing prices remained largely stable in major Chinese cities in March amid the government's tough purchase restrictions, official data showed Wednesday.

As the government maintained purchase restrictions aimed at containing speculative demand, new home prices softened in the country's first-tier cities, according to the National Bureau of Statistics (NBS).

New home prices in first-tier cities declined 0.6 percent year on year last month, while prices of existing houses in these cities went down 0.1 percent year on year.

The property market in second-tier cities is also showing signs of slower growth, with the year-on-year growth of new home prices sliding 0.2 percentage points from a month earlier.

New home prices went down on a yearly basis in nine of the 15 major cities considered the "hottest markets." On a month-on-month basis, new home prices fell in 7 of the 15 cities, while Tianjin and Hefei saw home prices flat with February.

"Housing prices were generally stable as market controls have continued to take effect," said NBS statistician Liu Jianwei.

During previous years, rocketing house prices, especially in major cities, had fueled concerns about asset bubbles. To curb speculation, local governments rolled out or expanded their restrictions on house purchases and increased the minimum downpayment required for a mortgage.

This year's government work report reiterated that "houses are for living in, not for speculation."

"We will support people in buying homes for personal use, and develop the housing rental market and shared ownership housing," it said.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58April 19 2019 12:21:45

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16April 19 2019 12:21:45

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18April 19 2019 12:21:45

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords