Housing News
- Property prices rise 5.4 percent in December
Date: 24-Jan-2007 Sources: (Shenzhen Daily)
PROPERTY prices in China rose 5.4 percent in December from a year earlier, faster than the 5.2 percent rise in November, according to the country's economic planning agency.
The faster increase in the agency's property price index comes as the government steps up efforts to cool the country's property sector, a key component of its broader macroeconomic controls.
China's tax authority said Tuesday it plans to levy a tax starting Feb. 1 of up to 60 percent on the profits builders earn from real estate projects. Property stocks fell sharply Wednesday on the news. Analysts said the tax is aimed at making property investments less attractive to local and foreign developers.
December property prices in Shenzhen rose 12.2 percent from a year earlier, the fastest pace among the 70 cities in the index, while those in Beijing were up 9.5 percent, the National Development and Reform Commission (NDRC) said in a statement on its Web site.
Property prices in Shanghai were unchanged in December compared with a year earlier, according to the index.
The prices of new residential units nationwide rose 6.3 percent in December from a year earlier, half a percentage point faster than in November. Prices in the secondary market were up 4.2 percent, one percentage point slower than the previous month.
Non-residential property prices in December rose 4.6 percent from a year earlier, up 0.6 percentage points from November, the NDRC said.
The government uses property prices in 70 large and medium-sized cities to gauge price changes.
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