On April 16, data released by the National Bureau of Statistics of the Communist Party of China showed that the average price of domestic housing in China exceeded the 10,000 yuan mark for the first time in the first quarter of 2021, reaching 10,658 yuan per square meter, compared with an average price of 9,859 yuan per square meter for the whole of last year and 9,310 yuan per square meter the year before.
The rise in average residential prices came mainly from the pull of the eastern region. Data from the CPC Bureau of Statistics showed that the average price in the 10 eastern provinces (cities) reached 14,900 yuan per square meter, up 1,500 yuan per square meter compared to last year’s annual average price of 13,400 yuan per square meter. The average price in the central, western and northeastern regions showed little change from last year, indicating that the differentiation of China’s property market continues to intensify.
There are now more than 70 cities in China with prices over 10,000, mainly located in the Yangtze River Delta and the Pearl River Delta. Last year, all 11 cities in Zhejiang had house prices over 10,000, and this year, all 13 cities in Jiangsu had house prices among the 10,000 yuan club. Zhejiang and Jiangsu are the two provinces where all the city house prices exceeded 10,000.
Data show that China’s domestic commercial housing sales in the first quarter were 360.7 million square meters, up 63.8% year-on-year and 20.7% over the first quarter of 2019; commercial housing sales were 3,837.8 billion yuan, up 88.5% year-on-year and 41.9% over the same period in 2019.
Commodity residential prices in 70 large and medium-sized cities monitored by the National Bureau of Statistics of the CPC generally rose continuously. in March, the sales prices of new commodity residential units and second-hand residential units in first-tier cities rose by 5.2% and 11.4% year-on-year, respectively, an increase of 0.4 and 0.6 percentage points over the previous month; the sales prices of new commodity residential units and second-hand residential units in second-tier cities rose by 4.8% and 3.3% year-on-year, respectively, an increase of The increase was 0.3 and 0.4 percentage points over the previous month.
Fearing a speculative bubble in the property market, the Chinese Communist government has recently stepped up regulation and control of the real estate market, especially in first-tier cities such as Shanghai and Shenzhen. Communist regulators have launched an investigation into the flow of bank credit funds into the real estate market, which has pushed up prices in first- and second-tier cities.
The Wall Street Journal reported on April 14 that the CCP expects the economy to reach an “internal cycle” of “self-reliance,” but the structure of the Chinese economy has not broken away from the old development model, and its external dependence is still high, with growth driven by external markets; and The growth of the domestic market is still not driven by real estate investment.
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