China’s Home Prices Continue to Rise

Beijing: China’s housing market continued to rise in 2015 signalling further stabilisation, according to an industry report issued on Saturday.

Home prices in 100 surveyed cities gained 3.39 per cent in 2015, the report by the China Index Academy, an independent research institute, said.

Tier-one cities, including Beijing and Shenzhen, recorded a 15.1 per cent rise in home prices this year, while tier-two and tier-three cities saw price drops, Xinhua news agency reported.

The report forecast that property prices will continue on an upward trend next year with an average price hike of 4-7 per cent, though some tier-two and most tier-three cities will report price declines.

De-stocking will be a major task for 2016 and the inventory pressure will be more severe for tier-two and tier-three cities, the report added.