China’s property prices saw the fastest growth in almost two years in February. Average new home prices rose nearly 4 percent on a yearly basis, as first-tier cities like Shenzhen and Beijing led the gains. But more importantly, these price increases extended to smaller cities.
Worries over the market’s overall direction remain, especially since the government is still trying to strike a balance between avoiding a overheating economy and a housing inventory glut.
But one thing Beijing is sure of is that China’s property market will avoid a Japanese-style collapse.
That was highlighted in the recently concluded annual meetings for the National People’s Congress and the Chinese People’s Political Consultative Conference.
The government also said the country’s solid economic fundamentals and urbanization process will keep the property market stable.
CCTV America’s Michelle Makori spoke to Anthony Chan, the chief economist for Chase, for more on the market prices.