THE housing price in 70 major Chinese cities jumped an average of 10.5 percent in December from a year earlier, equaling the two-year-high growth rate in November, the National Development and Reform Commission said today.
Average prices of new homes rose 11.4 percent on a yearly basis after gaining 10.6 percent in November, led by Urumqi, capital city of Xinjiang Uygur Autonomous Region, where prices jumped 25.3 percent in the period, the commission said on its Website this morning
Beihai City in Guangxi Zhuang Autonomous Region ranked second with 19.3 percent growth and Huizhou City in Guangdong Province was the third fastest with 19 percent growth, the commission said.
Shanghai's new home prices jumped 9.3 percent in the period from a year earlier.
The average price of second-hand homes jumped 11.4 percent in the 70 cities year on year.
Urumqi again grew the fastest at 24.2 percent, followed by Ningbo in Zhejiang Province at 16.5 percent and Wuxi in Jiangsu Province at 15.2 percent.
Shanghai grew 10.8 percent in December year on year, according to the commission.
Last year, credit to developers was tightened, supervision over land use was increased and the enforcement of tax policies was improved to cool down a real estate boom.
However, these moves have not been as effective as the central government would have liked since major cities all reported rapid growth last year.
Chinese story link
http://www.shanghaidaily.com/sp/article/2008/200801/20080117/article_345635.htm
Shanghai Real Estate market
Shanghai (Chinese: 上海; Pinyin: Shànghǎi; Shanghainese: /zɑ̃'he/; abbreviation: 沪; nickname: 申), situated on the banks of the Yangtze River Delta in East China, is the largest city of the People's Republic of China and the eighth largest in the world.[4] Widely regarded as the citadel of China's modern economy, the city also serves as one of the nation's most important cultural, commercial, financial, industrial and communications centers. Administratively, Shanghai is a municipality of the People's Republic of China that has province-level status. Shanghai is also one of the world's busiest ports, and became the largest cargo port in the world in 2005.
Originally a fishing town, Shanghai became China's most important city by the twentieth century and was the center of popular culture, intellectual discourse and political intrigue during the Republic of China era. After the communist takeover in 1949, Shanghai languished due to heavy central government taxation and cessation of foreign investment, and had many of its supposedly "bourgeois" elements purged. Following the central government's authorization of market-economic redevelopment of Shanghai in 1992, Shanghai has now surpassed early-starters Shenzhen and Guangzhou, and has since led China's economic growth. Some challenges remain for Shanghai at the beginning of the 21st century, as the city struggles to cope with increased worker migration, a huge wealth gap, and environmental degradation. Despite these challenges, Shanghai's skyscrapers and modern lifestyle are often seen as representing China's recent economic development.
Friday, January 18, 2008
Housing price jumps 10.5% in 70 cities
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