2010年3季度中国经济发展研究.pdf

RESEARCH Q3 2010 GREATER CHINA Quarterly Policy to shape market development Mainland Chinas residential market became more active in August, after having been in stagnation for three months. Many homebuyers deferred their home purchases after mid April when the State Council introduced fresh tightening measures, but pent-up demand was unleashed in August when the tightening measures were found to have had limited effect on depressing home prices. In Chinas first-tier cities—namely Beijing, Shanghai, Guangzhou and Shenzhen—the average numbers of daily sales of new homes in August rose 22.9%, 69.8%, 37.3% and 83.7% respectively, compared with July. Sales volumes in these four cities jumped a further 50.0–82.2% in the following month. By the end of September, secondary home prices in the first-tier cities had rebounded 1.5–4.9% from their respective troughs in July. In a bid to prevent a surge in home prices along with rebounding transaction volumes, the central government announced a series of more drastic tightening measures on 29th September, which included: banning commercial banks from granting mortgage loans to households that already Q3 2010 GREATER CHINA Quarterly Tightening measures announced on 29th September 2010 1 ● In cities where property prices are too high or have been rising too fast, the number of properties that each household can purchase is restricte