Staring at an array of floor plans in a showroom packed with models of apartment...
YANAN, China - Staring at an array of floor plans in a showroom packed with models of apartment blocks set to go up in the northwestern city of Yanan, the young couple was faced with a tough decision.
“Prices are rising too quickly here,” said Jia, a police department clerk, as she signed the contract. It was important to lock in a place as the couple plans for their first child, she said. Jia’s husband declined to give his name. Real estate prices in more than 200 Chinese cities out of 336 tracked by the China Real Estate Association, mostly smaller provincial cities, have been growing at double digit rates in the past year, with Yanan’s rising more than 15 percent year-on-year in December, according to a Reuters analysis of the data.
The city government has intervened in the market by freeing up credit and reducing housing stock by demolishing aging homes to spur sales of new units. Those whose homes were demolished were paid off, with cash compensations ranging from hundreds of thousands of yuan to the millions, according to interviews with half a dozen Yanan residents and government proposals made public online.
Big-name developers such as Sunac and Future Land are also aggressively bidding for land in the zone, with hundreds of apartments planned. Property investment doubled in 2018 from a year earlier. Land sales totaled 2.8 billion yuan from January to November, up more than 450 percent from a year earlier, Reuters calculated from data from the China Index Academy.
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