久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Opinion / Op-Ed Contributors

Targeted policies will stop property market overheating

By Eva Lee (China Daily) Updated: 2016-10-20 07:53

Targeted policies will stop property market overheating

Prospective buyers attend a real estate trade fair in Chengdu, capital of Sichuan province, on Oct 3, 2016. [Photo/For China Daily]

The recent upcycles in the mainland's housing market has been different from previous ones, property prices have risen rapidly in only a small group of cities following the easing of the restrictions on mortgages. Just 22 cities out of top 70 cities registered price rises of more than 5 percent year-on-year, which was substantially fewer than in past market upturns. In November 2013, 67 out of top 70 cities enjoyed price increases of more than 5 percent year-on-year, and 59 cities did so in April 2010.

However, even though house prices have risen dramatically in only a relatively small number of cities after the policy easing, the price increases have been higher than in the previous upturns. The tier-one cities have registered price increases of up to 38 percent year-on-year and in select tier-two cities prices have risen by up to 45 percent year-on-year. The price increases in previous upcycles were in the range of 10-20 percent year-on-year. The fact that just a small group of cities have experienced high rises in house prices this time, explains why these local governments are under pressure to tighten their policies.

Since the regulations are targeted to curb the investment demand in these particular cities, we expect they will be effective in cooling the sentiment in these markets and slow the pace of price rises in these cities. The policies differ among different cities. But generally, the policies involve restrictions that limit the number of units a household can purchase and raise the down payment requirements for first homebuyers and those upgrading. Since these policies target only demand in cities that have experienced high price increases, they are not blanket policies and so might squeeze some buying demand to other lower tier cities located in the vicinity. Given that the targeted cities have relatively lower inventory levels, it is unlikely to trigger a significant price correction. However, it should trigger a slowdown in property sales volumes in the coming months.

The higher housing leverage over the past 12 to 15 months has been driven by the lowering of minimum down payment requirements and the loosening of overall monetary liquidity. However, the accumulated mortgage loans as a percentage of GDP remain at low levels when compared to the other developed countries. We consider housing leverage has not reached a risky level. In fact, the government's prompt response to the fast buildup of household leverage should help protect the market from running into a risky condition.

We expect the growth of new starts, the momentum of price increases and growth of housing demand to slow in 2017. GDP growth in 2016 has been relying on the growth of new construction starts, however, new construction starts will probably no longer be a key driver next year.

The tightening measures are expected to slow the growth of new starts, particularly in tier-two cities. Our analysis indicates that the uptrend of property prices and faster growth of home sales have been the key factors driving the recovery of new starts over the past upcycles. The growth of new starts in tier-two cities has registered the sharpest growth year-to-date, which has been supporting new starts nationwide. With the slowing growth of sales and price growth in most tier-two cities, it will encourage developers to accelerate their contraction plans in the coming six to 12 months. In addition, land prices are increasing faster than property prices, which will also discourage developers from speeding-up their construction in a challenging market.

To conclude, we consider this round of tightening measures should be effective in slowing the fast pace of property price increases and help lower sales volumes in the cities that have implemented new policies. We consider the current household leverage as a percentage of GDP hasn't reached a risky level. The tightening policies will inevitably weaken developers' investment sentiment and slow their construction starts. Hence, it will affect the growth of new starts next year and they will be unlikely to be a key growth driver of GDP next year.

The author is head of China Property Research, UBS Investment Bank.

Most Viewed Today's Top News
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    五月天av在线播放| 国产熟人av一二三区| 国产精品igao| 人人妻人人澡人人爽欧美一区 | 成年网站在线播放| 男人天堂手机在线视频| 亚洲精品国产一区二区三区| 91av资源网| a级网站在线观看| 奇米影音第四色| 动漫av网站免费观看| 久久视频免费在线| 欧美三级午夜理伦三级富婆| 分分操这里只有精品| 99亚洲精品视频| 天天综合网久久| 那种视频在线观看| 久久久久久人妻一区二区三区| 国产一级免费大片| 国产精品入口免费软件| 国产日产欧美视频| h无码动漫在线观看| 99热这里只有精品7| 天堂av在线8| 一级片视频免费观看| av无码精品一区二区三区| 黄色一级视频在线播放| av动漫在线免费观看| 爱爱爱视频网站| 中文字幕亚洲影院| 亚洲欧美视频二区| 亚洲综合色在线观看| 亚洲中文字幕久久精品无码喷水 | 日本不卡一区在线| 别急慢慢来1978如如2| www.中文字幕在线| a级黄色一级片| 亚洲精品无码国产| 野外做受又硬又粗又大视频√| 99久re热视频精品98| 日韩不卡一二区| 看全色黄大色大片| 丰满人妻一区二区三区53号| 欧美性受黑人性爽| 欧洲xxxxx| 91免费国产精品| 久久av综合网| 九色自拍视频在线观看| 777777av| 粉嫩虎白女毛片人体| 成人精品视频一区二区| 美女喷白浆视频| 日韩av卡一卡二| 99热一区二区| 97人人模人人爽人人澡| 乱子伦一区二区| 97干在线视频| 男女av免费观看| 欧美婷婷精品激情| 欧美一级xxxx| 一级黄色片播放| 成人免费在线网| 欧美一级在线看| 久久久国产欧美| 亚洲午夜精品一区| 九一免费在线观看| 欧美日韩成人免费视频| 欧美性久久久久| 天堂网在线免费观看| 日韩视频在线免费播放| 日本熟妇人妻xxxx| 无码日韩人妻精品久久蜜桃| 成人性生交免费看| 麻豆视频传媒入口| 2022亚洲天堂| 亚洲va在线va天堂va偷拍| 日本三级中文字幕在线观看| 日本国产在线播放| 福利在线一区二区三区| 久久久精品视频国产| 成人在线播放网址| 激情五月亚洲色图| 日本精品免费视频| 18禁男女爽爽爽午夜网站免费 | www国产免费| 激情网站五月天| 999热精品视频| 波多野结衣综合网| 精品综合久久久久| 免费毛片网站在线观看| 亚欧激情乱码久久久久久久久| 国产激情片在线观看| 欧美极品欧美精品欧美图片| 韩国一区二区在线播放| 少妇高潮毛片色欲ava片| 午夜免费看视频| 国产欧美日韩小视频| 亚洲综合欧美在线| 日本十八禁视频无遮挡| www.久久久久久久久久久| 黄色一级片在线看| 激情在线观看视频| 中文字幕日本最新乱码视频| 国产精品夜夜夜爽张柏芝| 男女av免费观看| www.18av.com| 深夜黄色小视频| 久久精品国产sm调教网站演员| 99re6在线观看| 欧美在线观看成人| 激情图片qvod| av网站在线不卡| aa在线观看视频| 日韩人妻一区二区三区蜜桃视频| 成年人视频在线免费| www.18av.com| 午夜影院免费观看视频| 日日摸天天爽天天爽视频| 日韩精品视频在线观看视频 | 黄色国产一级视频| 日韩第一页在线观看| 中文字幕国内自拍| 日本三级免费网站| 97中文字幕在线| 北条麻妃亚洲一区| 亚洲36d大奶网| 久久九九国产视频| 香港三级韩国三级日本三级| www国产免费| 裸体裸乳免费看| 国产免费中文字幕| 国产一级特黄a大片免费| 青青视频在线播放| 免费国产a级片| 日韩xxxx视频| 欧美视频在线第一页| 韩国黄色一级大片| 五月六月丁香婷婷| 97人人爽人人| 国产精品自拍视频在线| 天天干天天干天天干天天干天天干| 北条麻妃在线视频观看| 久久国产精品网| 大伊香蕉精品视频在线| 青青青在线观看视频| 免费在线精品视频| 水蜜桃在线免费观看| 91香蕉视频网址| 小说区视频区图片区| 夜夜爽久久精品91| 色黄视频免费看| 99精品视频网站| 黄黄视频在线观看| 日本男人操女人| 国产 日韩 亚洲 欧美| 国产午夜大地久久| 亚洲午夜精品久久久久久人妖| 国产乱子伦农村叉叉叉| 免费观看日韩毛片| 国产v亚洲v天堂无码久久久| chinese少妇国语对白| 午夜dv内射一区二区| 乌克兰美女av| 热久久久久久久久| 99热一区二区三区| 亚洲理论电影在线观看| 浮妇高潮喷白浆视频| 国产成人在线免费看| 无码精品国产一区二区三区免费| 男人的天堂日韩| 亚洲 激情 在线| 久久免费看毛片| 免费网站永久免费观看| 黄色一级视频片| 免费看a级黄色片| 亚洲久久中文字幕| 18视频在线观看娇喘| 青青草成人免费在线视频| 日批视频在线免费看| 激情五月俺来也| 国产盗摄视频在线观看| www.av中文字幕| 亚洲综合欧美激情| 大桥未久一区二区三区| 99视频在线免费播放| 2025韩国理伦片在线观看| 国产探花在线观看视频| 国产一区二区四区| 成人免费无码av| 大地资源第二页在线观看高清版| a级免费在线观看| 密臀av一区二区三区| 老汉色影院首页| 国产91在线免费| av中文字幕网址| 丁香六月激情婷婷| 欧美成年人视频在线观看| 男人天堂网站在线| av五月天在线| 久久www视频|