China’s home prices rise to near 2-year high
Data released by the National Statistics Bureau (NBS) showed that new home prices in 70 major cities rose 3.6% year on year in February compared with a 2.5% gain in January. This represented the steepest yearly increase recorded in almost 2 years.
Data also revealed that prices surged 56.9%, 20.6% and 12.9% respectively in tier 1 cities including Shenzhen, Shanghai and Beijing.
In most tier 3 cities such as Hangzhou and Chongqing, prices continued to witness decreases on a yearly basis in February, though the rate of decline slowed compared to a month earlier.
China’s housing minister Chen Zhenggao stated that price differences between China’s big and small cities present a major policy challenge, adding that the government is hoping to see some stabilization in prices in tier 1 and tier 2 cities.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- ABS, PS uptrend falters in China after H1 2020 ends at multi-month highs
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem
- PE buyers’ resistance grows in SEA; duty-free origins more competitive than Mid-East
- Polymer demand cools in Turkey: Is price correction ahead for PP, PE and PVC?