More Urban Chinese Consumers Plan to Buy Homes, Official Survey Finds

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The FINANCIAL — More of China’s city dwellers plan to buy new homes in the coming quarter as they expect property prices to rise, results of a quarterly central bank survey showed on June 19, according to Nasdaq.

Between April and June, 14.7% of urban residents polled were prepared to buy a house within the next three months, the People’s Bank of China said. In the first-quarter survey, 13.8% of respondents said they planned to buy.

In the latest survey, 18.2% residents said they expected home prices to rise in the coming quarter, compared with 15.6% in the previous quarter.

Home prices in China climbed 0.06% in May from April, after the 0.12% decline recorded in April, according to The Wall Street Journal’s calculations based on data released Thursday by the National Bureau of Statistics. This is the first positive showing after 12 consecutive months of declines.

Fewer people said wanted to save their money in a bank–39.9%. That was down 5.7 percentage points from the previous quarter.

Funds and wealth-management products, stocks and government bonds were the top three choices for those wanting to invest, the survey found.

The survey polled 20,000 residents in 50 cities.

Meanwhile, a PBOC indicator measuring bankers’ assessment of loan demand softened to 60.4% from 68.8%.

Business leaders responding with confidence in the economy dropped 0.9 percentage point on quarter to 58.3%.

However, they said external and domestic demand is improving. The index measuring new-export orders rose 4.5 percentage points to 48.7%, while new orders index increased 3.8 percentage points to 46.3%.

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