China Property News

Chinese prices in "no condition to rebound", says official

Chinese prices in
Chinese real estate prices are in “no condition to rebound”, with the government still set on continuing its regulation of the property market, said the Chinese Ministry of Housing and Urban-Rural Development (MOHURD).

Despite sales going up in recent months, speculative buying is still under control, while both prices and housing inventories have remained stable, according to an unnamed official quoted by the Sunday People’s Daily (the flagship newspaper of the Communist Party of China).
The official continued to say that the recent rebound in home-buying activities is because of higher demand that was formerly suppressed, as well as an increase of new housing supply and lower loan rates.

There has “not been a widespread rebound of property prices,” said the official.
In August, though, 36 out of 70 major cities recorded by the National Bureau of Statistics showed higher new house prices than the previous month.
Year-on-year, 14 of the 70 cities showed price increases o
f up to 1.3%.
China has had tighter regulation on the property sector since 2010 in a bid to reign in dramatically rising prices.

The government will continue to carry out its regulative policies, stressed the unnamed official.