home prices continue to cool declines seen narrowing
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Home prices continue to cool, declines seen narrowing

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleHome prices continue to cool, declines seen narrowing

China's Homes
Beijing - XINHUA

China's property sector continued to cool in November, but the declines have been narrowing on the support of government policy adjustments, official data showed on Thursday.
New home prices in 67 out of 70 major cities reported month-on-month drops last month, the National Bureau of Statistics (NBS) said, whereas prices in the cities of Hefei, Nanjing and Shenzhen remained flat.
New home prices in Beijing and Shanghai dropped by 0.3 percent and 0.5 percent, respectively, narrowing from 1.3-percent and 0.7-percent falls a month earlier.
For existing homes, only 58 cities saw prices drop last month, compared with 64 in October. Six cities, mostly first-tier cities such as Beijing and Shenzhen, saw second-hand home prices rise.
NBS senior statistician Liu Jianwei attributed the narrowing decreases to government policy changes intended to avoid a sharp slowdown in the sector out of fear of jeopardizing the broader economy.
Those moves include fewer restrictions on home purchases and eased mortgage rules. In addition, the central bank last month decided to lower the one-year benchmark lending rate and deposit rate to cut financing costs.
All combined, the policies did have a positive impact on the sluggish market. In November, home sales reached a monthly high for this year, registering 809.6 billion yuan (132.3 billion U.S. dollars), 93.8 billion yuan more than October.
But despite their immediate boost to the market, the moves are insufficient to halt and reverse China's structural property downturn, said Wang Tao, chief China economist with UBS. She said the property sector remains the top risk to growth in 2015.
Earlier data showed China's real estate investment growth softened to 11.9 percent year on year in the January-November period from a 19.8-percent increase in 2013.
Dragged down by the housing slowdown, softening domestic demand and unsteady exports, China's growth slid to a low not seen since the 2008/2009 global financial crisis in the third quarter.
In the first three quarters, China's gross domestic output expanded by 7.4 percent.
And with the property market still experiencing headwinds, the UBS expects GDP growth to cool to 7 percent in the fourth quarter and 6.8 percent in 2015.
In the tone-setting Central Economic Work Conference last week, Chinese leaders said they could deliver the social and economic goals "relatively well" in 2014, while stressing the economy still faces many challenges and "relatively big" downward pressures such as increasing difficulties for businesses and the emergence of economic risks.
The statement released after the meeting did not give a specific growth target for 2015, which is usually made public in March, but said the government will be "reasonable" when setting goals and maintaining the flexibility of its macro-control policies.

 

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

home prices continue to cool declines seen narrowing home prices continue to cool declines seen narrowing

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 21:49 2018 Tuesday ,23 January

Trump to tell Erdogan of concern over Syria offensive

GMT 08:26 2018 Tuesday ,23 January

Five things to know about Davos

GMT 16:13 2018 Sunday ,14 January

Netanyahu urges Macron to 'fix' Iran nuclear deal

GMT 10:17 2016 Thursday ,21 January

WHO confirms second new Ebola case in Sierra Leone

GMT 13:33 2011 Wednesday ,06 July

Russia bids to expand Arctic border to seek gas

GMT 09:06 2011 Wednesday ,21 September

Powerful typhoon hits Japan

GMT 11:15 2011 Wednesday ,03 August

2 glaciers in Nepal to disappear

GMT 19:01 2017 Saturday ,19 August

Finland suspect an asylum seeker, targeted women

GMT 02:45 2017 Wednesday ,08 February

Coup defeat a matter of time, says Yemeni VP

GMT 17:38 2017 Friday ,14 July

Saad Lamjarred denied issuance of new song

GMT 16:02 2011 Thursday ,21 April

Chelsea squad not good enough

GMT 11:29 2011 Tuesday ,19 July

Etihad Towers on track for delivery

GMT 02:05 2017 Wednesday ,22 February

UAE takes keen interest in supporting higher education

GMT 07:17 2017 Saturday ,01 July

Key US inflation measure declines in May
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle