The Chinese housing market looks to be on the mend with the average price of a home rising in December, bringing to an end eight straight months of year-on-year declines.
22% of sales at The Ritz-Carlton Residences at L.A. LIVE have involved affluent Chinese.
According to The Wall Street Journal, the average home price in 100 Chinese cities rose by a slight .03% in December from the previous year. The increase, according to analysts, shows a stronger demand for homes and comes after years of government policies designed to control prices after they skyrocketed during China’s housing bubble, which saw average home prices triple from 2005 to 2009.
Johnson Hu, an analyst at CIMB Securities, tells the WSJ:Â “The rise in the property prices doesn’t indicate that the government efforts have been ineffective. The curbs have managed to keep prices from rising too much, too quickly. From the second quarter 2012, housing prices in major cities have risen by around 5% to 10%. This is reasonable.”
The China housing market, including the property control policies of the Chinese government, has had a direct, positive impact on the U.S. housing market, as wealthy Chinese buyers have turned to the U.S. market, and California in particular, to spend their real estate dollars.
For more on the recent housing numbers out of China read the full article here.
