A new report from one of China’s leading think tanks says Beijing is currently host to the country’s highest median home prices, despite the launch of a crackdown on the property market last March which led to a sharp slowdown in growth.
The “China Residential Housing Market Development Monthly Analytical Report” (中国住房市场发展月度分析报告) released by the China Academy of Social Sciences indicates that Beijing’s median home price is currently 4.02 million yuan per unit, which is the highest amongst cities sampled.
Shenzhen and Xiamen take second and third place, at 3.52 million yuan and 3.22 million yuan per unit respectively, while Shanghai comes in at fourth place, with median home price of 3.19 million yuan.
The north-eastern coastal city of Dalian is host to the lowest median home prices amongst major cities surveyed, at 780,000 yuan per unit, or less than a fifth the median price in the Chinese capital.
Other major Chinese cities host to cheap homes include the provincial capitals of Changsha, Chongqing, Shenyang, Taiyuan and Xi’an, all of which have median home prices of under one million yuan.
According to the report housing prices in all of China’s first-tier cities “eased amidst stability” in 2017, with the exception of the Guangdong capital of Guangzhou.
Hot-spot second tier cities saw sizeable annual home price increases last year, yet are currently stabilising.
According to the report there is little likelihood of first-tier cities loosening the property market controls launched in 2017, given that municipal authorities are preoccupied with price stabilisation first and foremost.