Fitch: New-Home Prices Edge Up across China in March 2016
OREANDA-NEWS. New-home prices rose in 62 out of China's 70 major cities in March 2016, with some Tier 3 and 4 cities reporting the first month-on-month price increase since the end of 1Q14, Fitch Ratings says in its latest China Property Watch.
Four metropolitan authorities have tightened rules on home purchases amid the surge in local housing prices. New-home construction has picked up. Chinese developers maintained conservative about land bank replenishment, despite signs of stabilisation in 1Q16.
The majority of Fitch-rated Chinese homebuilders reported strong year-on-year growth in contracted sales in 1Q16, with contracted sales of residential properties rising 28% yoy in March 2016. Chinese developers' onshore bond issuance hit a record high in March 2016, while there was no offshore issuance.