Chinese Homebuyers Are Returning Their Homes

In China, home buyers sometimes demand the right to return a home when a developer has violated the terms of a contract. Many home buyers also demand this if there's nothing wrong, but simply want out of an investment that it plummeting in value.

In Yulin city in Shaanxi province, 10 developers are now facing buyers who want to return their homes. The slowdown in the coal industry has hurt the local economy and many home buyers face tighter financial conditions. Developers are already in trouble due to the weak economy and a wave of buyers demanding their money back is more bad news.

In one case, 300 buyers claim a developer used illegal sales tactics. The developer required a ￥200,000 down payment, but later required a ￥300,000 transfer payment. Buyers felt they had to make the second payment to protect their non-refundable deposit. The developer claims that a third party investor selling the properties asked for that payment, not itself.

In another case, hundreds of buyers have returned homes due to the developer's failure to deliver on time. The developer is now extremely short on cash. Another has buyers demanding a return of their money because the developer sold them apartments with one bedroom, one kitchen, one bathroom and one living room, but left off the living room when it was built.

The government is helping buyers get their money back, but it also tells them to be on guard for fraud.

Opinion is mixed on the issue. One middle aged man said he can understand why people want to get their money back now that the value of homes is tumbling. A retired teacher said people need to bear the cost of decisions, whether the result is positive or negative. A construction firm owner said when prices were rising, everyone was taking out loans and buying, now that prices are falling, integrity goes out the window and people are looking for any way out. A senior media person said if morality is abandoned when home prices fall, the housing crisis will be followed by an even larger financial crisis.

Elsewhere, developers in Hohhot are under pressure too, cutting prices in the range of 10% to 15%. One engineering firm said many developers are paying their bills one to two months late, and in one case 2 years late. Debts can only be paid by taking possession of the property or seizing the owners luxury cars, similar to how debts are being settled in Ordos.

This may be the most extreme case of a buyer "returning their home." Some Beijing residents who won the affordable housing lottery (which had odds of 4000 to 1) have given up their right to buy. Affordable housing sells for 20% to 30% below surrounding properties, but thanks to falling prices, buyers are willing to forego this opportunity.

榆林房价急跌大批业主要开发商退房 围堵售楼处 (某城房价下跌20家开发商遇退房潮 售楼处被围)

Negative Social Mood and Plague

Another feature of negative social mood are a greater number of disease outbreaks. Aside from slowly growing problems such as drug resistant bacteria and STDs, there's been a number of outbreaks recently. The most well known is the ongoing Ebola outbreak in Africa.

30,000 people quarantined in China after resident dies of pneumonic plague. The city was quarantined for 9 days.

3 more diagnosed with rare plague in Colorado. These four cases are tied to an infected dog.

Locally transmitted chikungunya virus detected in U.S.

The first two locally acquired cases of a painful mosquito-borne viral illness, chikungunya, have been reported in Florida, health officials confirmed on Thursday.

.......Symptoms surface within three to seven days after a bite from an infected mosquito and typically dissipate within a week. There is no vaccine and the virus is not deadly.

“It is not known what course chikungunya will take now in the United States,” the CDC said.

The virus is deadly. There are few fatalities when the infection rate is low, but if there's an epidemic here will be a significant number of deaths.

WHO: Middle East Respiratory Syndrome could be airborne

"These data show evidence for the presence of the airborne MERS in the same barn that was owned by the patient and sheltered the infected camels," the study authors said in a statement. However, doctors are still looking into the difference between dead and live virus particles and are unsure whether MERS can be transmitted through aerosols.

Socionomics In One Chart

When you're in a melancholy mood, you listen to melancholy music. In a happy mood, you seek out happy music. As social mood declines, people seek out dark entertainment over light. A variety of shows, going back to the Sopranos at the start of the 2000s, feature either dark content or a villain as hero. More recently, Dexter, Breaking Bad and Hannibal. The mood in shows is also darker, such as True Detective which had the same mood as Hannibal, even though the cops were the main characters instead of the serial killer.

Television Ventures to the Dark Side

A falling transition occurs just after an extreme in positive social mood. The sweet spot for this kind of creativity seems to come after the initial setback of the new bear market bottoms and during the first major stock market rally that follows (wave B in the Elliott wave model). The decline creates a newly introspective frame of mind, and the advance provides the mental energy to put that introspection to work.

This year’s top shows have similarities to popular rock music in 1967-1968. Then, a falling transition produced artistic music, with similarly complex influences and innovative arrangements. Bright “psychedelic” lights accompanied moody lyrics. Bands epitomizing the style included The Beatles, Big Brother, Blood Sweat and Tears, Chicago Transit Authority, Cold Blood, Cream, The Grateful Dead, Jefferson Airplane, The Jimi Hendrix Experience, Quicksilver Messenger Service and Santana.

This time around, the same type of mood transition is leading to similarly layered TV drama. Today’s heroes are actually antiheroes: conflicted, complex and compromising, yet viewers cheer for them. Women, as predicted in Robert Prechter’s 1985 report Popular Culture and the Stock Market (1985), are taking on strong, central roles of leadership. Villains are becoming sympathetic, to a degree. And moral ambiguity abounds.

When if comes to politics, people seek division rather than unity. The result is this striking chart of how much spouses are angry at their wife or husband due to their allegiance to another political party.

This has generated a lot of explanations, a lot of which you can guess are mainly partisan even if thinly veiled by academic rhetoric. The reality is more simple—negative social mood. There's a clean spike right around 2008, the explanation is too obvious to miss.

Wuliangye Cuts Prices as Baijiu Bubble Keeps Deflating

China's anti-corruption campaign put the hurt on luxury baijiu brands. Wuliangye is still cutting prices in an attempt to grab market share——prices at the high end are coming down 30% and wholesale prices are back to levels seen 3 years ago.

五粮液多款产品降价抢市场

Cape V. prices fall, it seems only Wuliangye (000858.SZ) a start price behavior. Recently, Wuliangye to large distributors Silver Base Group (00886.HK) "relaxation", lowered 45 degrees and 68 degrees Wuliangye liquor supply price.

"First Financial Daily" correspondent was informed that this is the recent series of Wuliangye liquor "relaxation" of a signal. A series of anonymity, told reporters yesterday wine distributors, wine blessing recently to celebrate another series of doors also reduce the supply price, "high-end product prices lowered by 30%."

Chengdu Shangshan Brand Management Consulting Co., iron plows, chief strategic adviser, said the price adjustment and price adjustment before the S & P five is the same strain: "With the S & P five series of wine price adjustment is the trend, including the underwriting of products will be adjusted before the estimated not For a silver-based behavior. "For the price adjustment, the reporter yesterday asked Wuliangye relevant person in charge, but the other side has not yet responded to the deadline.

Wholesale price night back 3 years ago

Recently, Silver Base Group announced that, Yibin Wuliangye liquor sales company, and a wholly-owned subsidiary of Silver Base Trading and Development (Shenzhen) entered into a supplemental agreement, the company of 45 degrees and 68 degrees Wuliangye liquor supply price will be reduced to September 2011 price before the company believes will have a positive impact on margin improvement. It is understood that the current market price of 45 degrees Wuliangye between 500 to 600 yuan, 68 degrees Wuliangye prices below $ 700.

Although Silver Base Group did not disclose the specific amplitude adjusted, but industry insiders believe the move will help Silver Base Group reduced losses. Wine marketing experts 晋育峰 "First Financial Daily" reporters, said:. "Currently silver-based provision 999 million yuan for two consecutive years, the existing inventory 796 million yuan, is expected next year to reduce costs after a relatively favorable" Although This news release late, but still Silver Base Group will help reduce inventory costs and reduce losses. As Wuliangye big business, has been doing high-end liquor Silver Base Group caught under the limit "Three consumption" loss, the huge loss of HK $ 1.134 billion in 2013, 2014 continues to incur losses, losses amounted to HK $ 788 million.

In fact, in addition to these two exclusive agent by the silver-based Wuliangye products, the reporter learned from other sources, Wuliangye series of wine products also recently adjusted prices. "In recent days it lowered the supply prices," the dealer said above blessing celebrate the door, "high-end product supply price reduced by 30%, we are satisfied with the price." Previously, crystal bottle 52 degrees Wuliangye The price cut is 16.46%.

There are brokers who declined to be named to the "First Financial Daily" correspondent said that this is mainly because the main brand Wuliangye price from 729 yuan five P dropped to 609 yuan, the wine itself is a reference to the original series of the price system, therefore had to be adjusted. If the series of wine prices significantly higher than the S & P five, their performance will be poor, this adjustment should be to drop the price of the S & P after five, "the end of the upside is the ultimate goal."

Control the amount insured has changed abandoned trick

In fact, as early as last Friday on Wuliangye "spoilers" a series of wine will take action. Wuliangye aspects of the exchange after the shareholders' meeting with investors when it admits: "Competition has a new series of wine changes, the high-end wine prices down, the price squeeze on family liquor Wuliangye series of wine are also under pressure, with the real estate wine to be. indisputable share. "Thus," in the second half to strengthen the focus of the market breakthrough series of wine, resources have been arranged. strive series of wine there are no major decline. "

Wuliangye case revealed the flagship product of the same date, "the company to take measures to restore market order to get good prices have stabilized and rebounded terminal performance in the off-season is within the expected range."

Notably, when specifically mentioned in the second half to begin to grab market. Wuliangye side said: "This year, stocks are kept relatively low state marketing system do not give businesses yahuo hope businesses have annual sales of around 10% to 20% of the inventory.." Wuliangye Group chairman Tang Bridge admits: "The problem is not the price enterprises have the final say again, this will be reflected in the current round of adjustment. "

"Maotai, Wuliangye to ensure that the price of 2,000 yuan, the market shrinking, slowly we'll probably forget this brand, then what is the value of the brand? So, to expand your market share, the price is determined by the market." Don Bridge said.

CBRC Shanghai Office Warns Local Banks of Real Estate Risk in Other Cities

The China Banking Regulatory Commission's Shanghai office is two for two in its previous warnings on steel firm borrowing and copper borrowing. (Dec 2013: SShanghai banks warned of 'abnormal leverage' in copper financing)

There's also this news on iron ore: Losses Mount in China Loan Fraud Tied to Missing Metals

In April, the China Banking Regulatory Commission (CBRC) warned banks and local officials to be on the lookout for illegal schemes to raise loans on iron ore imports.

According to the official Xinhua news agency and foreign media, some steel makers have been using letters of credit for iron ore.

......While the extent of the fraud is unclear, it appears to illustrate the unplanned consequences of blocking traditional loans under the government's crackdown on industrial overcapacity and enforcement problems in a high-risk lending environment.

Now it's the real estate sector's turn. CBRC's Shanghai office is warning banks about risks in the real estate market, specifically in cities such as Changzhou and Wuxi. Changzhou is NW of Wuxi, which is NW of Suzhou (all in Jiangsu province).The Shanghai office is warning local banks, but if this problem exists here, it likely exists in many parts of the country.

The regulator warns that the project cycle is taking longer, there is downward pressure on prices and the risk situation is not optimistic. Growth is slowing in second tier cities near Shanghai and there is greater differentiation between projects. Additionally, credit risk is highly correlated with economic trends.

Although Changzhou and Wuxi's real estate markets are still considered stable, prices are falling. The regulator warns that there is considerably large hidden risk and warrants the full attention of commercial banks. Specifically, longer project cycles may exceed the length of a loan and worse, sales may not cover the principal and interest. These projects will require support from the parent company or shareholders, and if they are nervous, the fundingchain could be broken, leaving bank loans at risk.

The regulator recommends banks evaluate risk in local markets and of individual projects, don't blindly extend credit,monitor cash flows and be on guard for regional and industry risk.

Aside from the risk of a real estate slowdown, banks are also at risk because they are lending to borrowers from other cities. Borrowers could be over-leveraged or misappropriating funds, for example. The credit relationship between a bank and non-local borrower is unstable, it is difficult for the bank to understand the firm's true situation, financial condition and reputation, plus it is harder for the bank to track how loan proceeds are spent. The borrowers look good from the outside, a good business and clean balance sheet, but underneath business could be bad, the financial situation complicated with many investments and credit guarantees. Banks in other cities may be the last to find out of a changed situation, well after the local banks have already pulled their loans.

The CBRC Shanghai branch estimates loans to non-local borrowers are worth about ￥434 billion, or 14% of total loans. There may be another ￥176 billion of exposure through trusts and other shadow banking assets. Currently, bad debt from these loans only amounts to ￥1.1 billion, and NPL ratio of 0.26%.

Shanghai banks have extended about ￥475 billion in credit to out-of-market borrowers in the eastern part of China, with 44% in Jiangsu and Zhejiang province. This is a high concentration and both provinces have several cities in the midst of serious real estate slowdowns.

Some debts may be the result of bad debt cover ups. For example, take a case where company A (steel trader) cannot repay a loan of ￥10 million. The bank finds non-local company B (a real estate firm, either controlled by A or which has a secret relationship) and loans them ￥200 million at a preferential interest rate, so long as they agree to settle the debt of company A.

The implications of this news are not good. The Shanghai office of the CBRC has predicted trouble twice and been right. Even if they are wrong about the risk this time, banks will tighten credit in the wake of this warning, putting further pressure on some of the weakest real estate markets in China.

Source: 沪银监局预警异地房地产授信：无锡常州初现病灶

Wenzhou Economic Collapse a Warning For China

Wenzhou businessmen have been going bankrupt, on the lam, or jumping off of buildings since 2011. One major reason, perhaps the reason, is the decline in real estate prices. Wenzhou's prices have fallen for more than 30 straight months and prices are down 20% city-wide, leaving plenty of room for much deeper declines in many areas. Prices for commercially built new homes peaked at ￥33289 per sqm in 2011; in January 2014, there were at ￥19374 per sqm, a drop of more than 40% and prices have fallen further in 2014.

In Wenzhou, it is estimated that 70% of SMEs are involved in real estate in some capacity or have considerable financial exposure. A July 2011 report from the PBOC Wenzhou branch office said close to 90% of Wenzhou households and 60% of businesses were participating in private lending to the real estate market to the tune of ￥110 billion; 40% of private lending never reached the manufacturing sector. At the time, real estate supply was limited, which led to prices briefly exceeding those of Beijing and Shanghai as capital poured in.

In 2010, the Wenzhou government also stepped up land sales. Many businesses saw an opportunity and entered the real estate development business. Behind each company were dozens, if not hundreds, of investors. Everyone was getting involved, for example a valve manufacturer might borrow ￥50 million for business purposes, but only ￥20 million made it to the factory, the other ￥30 million went to purchase land.

Mutual Guarantees a Contagion Vector

Many firms also viewed real estate as good collateral, much in the way copper and steel traders acquired metals purely for obtaining bank credit. Once real estate prices fell, this collateral went from expanding a firm's credit limit to shrinking it. Those holding real estate for its monetary properties, who held because it was collateral that appreciated in value, dumped properties once prices fell.

Many Wenzhou firms are tied to one another through various cross ownership, lending, credit guarantee and other relationships, as is the case in many cities in Zhejiang province (and the rest of China). When one firm goes down, a number of other companies are put in financial distress. The result is that while the real estate bust started in 2011 and may be close to bottoming out, the economic domino effects are still going strong.

Local government is often stuck trying to sort out the mess. One official working on these cases provided an example (the case at the top of the pile). A shoe manufacturer owes more than ￥100 million yuan and more than 10 firms have provided credit guarantees; some of those firms are also in financial trouble. This case is actually an easy one; the official says they've recommended the firm sell some assets to repay debt. Government support is limited, mostly the government will fight for bank support based on actual circumstance and lead the parties to an agreement.

Bad Debts Mount

One company provides emergency lending at 4 times the official interest rate, but the firm is very cautious about lending to Wenzhou companies. As soon as the bank decides to pull credit and goes to court to collect, the emergency lender's money is not coming back.

In 2011, Wenzhou's NPL ratio was 0.37%, the lowest in history (at the peak of the real estate market). Since then it has been rising steadily. At the end of March 2014, bad debts were more than ￥33 billion and the NPL ratio has climbed to 4.52% (this percentage is likely suppressed by various methods). That was up ￥11 billion and 0.12 percentage points from the start of the year. A large portion of bad debts are tied to the real estate sector.

Jingle Mail

Wenzhou has 218,600 mortgaged properties (including housing and commercial buildings), worth ￥407 billion. Some of these properties are being turned over to banks, such as a luxury property that sold for ￥6 million and is now worth ￥3 million, the owner unable or unwilling to repay the mortgage. An official from the Wenzhou SME Development Association said jingle mail appeared early in Wenzhou, but it is still occurring today.

As of July 2013, there were 595 cases of jingle mail, amounting to more than ￥400 million in debt. Of these, 15 were cases of individuals who stopped paying the mortgage, 580 were cases of business difficulty resulting in an inability to pay.

Auctions on foreclosed properties are not going well. On average there are 4.1 bidders and first round success is 5% (prices drop in subsequent rounds).

The city and banks are using several methods to resolve the situation, but the best support is elusive: a stable real estate market. The Wenzhou economy is starting to show signs of a recovery, but the problems caused by low real estate prices and the mutual guarantee network, fueled by credit guarantee firms, continues to put pressure on the financial system. The real estate market was showing signs of a bottom in late 2013, with sales and land turnover up sharply. Left to itself, the market may have recovered in 2014, but the national slowdown may be having an effect.

Isolated Case or an Omen?

Wenzhou is unique in that it has a large private economy— Wenzhou is the capital of entrepreneurship in China. This helped it become an epicenter of the credit bubble because there was mass participation by individuals and businesses. Wenzhou speculators often pop up in other cities buying up homes, sometimes floors or whole buildings at a time. They didn't learn their lessons either—Wenzhou speculators were in Baoding earlier this year. Other areas in Zhejiang largely reflect aspects of Wenzhou business and speculation, such as the mutual guarantees. Xiaoshan disctrict in Hanzhou has about two-thirds the population of Wenzhou and may be in a similar economic situation, see Rumored Mass Death of Companies in Xiaoshan. Mutual guarantees are also seen all over China, but it probably reached its greatest extent in Wenzhou where a much larger portion of the population is engaged in commerce and speculation.

Wenzhou's private economy may also be a large part of the reason why it alone experienced a major real estate bear market (excepting ghost cities) from 2011 to early 2014. That could be because it received less government support or because market forces were given greater room to work—both in blowing the bubble and in the later popping. The optimistic view is that Wenzhou is a more volatile microcosm of China. The pessimistic view is that it was merely early, and worse, that its private economy may have allocated capital more efficiently than elsewhere in China.


This post was a mix of commentary and translated material from this source: 温州楼市泡沫2011年起逐渐破灭 跑路跳楼现象频繁出现. I only went about 1/3 the way into the article, it goes on to detail the Wenzhou real estate market situation, as well as some disputes such as investors in a government development project in Lucheng district.

People's Daily: First Tier Home Prices Will Drop

No new information. Towards the end it quotes a researcher who says if credit remains tight, prices could drop substantially in Q3.

That prediction maypartly explain: China's First Mortgage Debt Since Crisis Shows Li Concern

China will revive mortgage-backed debt sales this week after a six-year hiatus, as the government extends help to homebuyers in a flagging property market.

Postal Savings Bank of China Co., which has 39,000 branches in the country, plans to sell 6.8 billion yuan ($1.1 billion) of the notes backed by residential mortgages tomorrow, according to a July 15 statement on the website of Chinabond. The last such security in the nation was sold by China Construction Bank Co. in 2007, Bloomberg-compiled data show.

Premier Li Keqiang is seeking to avert a collapse of the real-estate market after data last week showed new home prices dropped in a record number of cities in the world’s second-largest economy.

北上广深房价失守 未来将继续走弱

National house prices continued to weaken basic foregone conclusion. Recently, the National Bureau of Statistics released the June 70 cities housing sales price changes, according to preliminary estimates, the first, second and third tier cities in new commercial housing prices were mostly slightly lower, and the front line north of Guangzhou-Shenzhen prices also fell, adding price ranks. Experts said that in the credit crunch, high inventories in the background, the property market will take time to digest inventory, fear of the future will further maintain cooling trend.

"Hedge Heights" weak prices upward

Data show that in June the new commercial housing prices decline in the city broke the 50 mark, reaching 55, hit a new high since 30 months. Only 70 cities in eight cities rose, flat city 7. In the second-hand housing prices, compared with the previous month, 70 cities, prices fell in 52 cities, 11 cities were flat, rising only seven cities.

"According to preliminary estimates, the first, second and third tier cities in new commercial housing prices were down slightly, down 0.4%, 0.5% and 0.5%." National Bureau of Urban Division Senior Statistician Liu Jianwei analysts said, a decline in the number of cities showed a continued increase in the trend; decline from looking up, 70 cities, the highest price of newly built commercial housing rose 0.2%, the lowest decline of 1.8%; second-hand housing prices rose to a maximum of 0.1%, the lowest was down 1.5%.

Fall in house prices in the city, has been considered "high hedge" in the north of Guangzhou deep four-tier cities also not spared this time. Beijing's new housing prices, new commercial housing prices although still edged up 0.1% qoq, but second-hand house prices fell by 1.3% in the previous month; and since May, Shanghai and Shenzhen, new commercial housing prices for the first time this year Since the decline, the price of Guangzhou also joined the ranks.

"From June 70 cities new commercial housing sales price variation, the biggest feature is the price gains slowed in June, has been without a city house prices rose more than 10%, even if the line is relatively strong prices The city also began to fall from June to below 10%, which reflects the country since the second quarter of the overall market is not optimistic. "with policy advice, research director Zhang Hongwei said.

Need time to digest the property bubble

Tier of appetite, fall line. For this round of the reasons for dropping prices is accelerating, industry experts believe that due to the supply and demand stabilize the market "to buy or not buy up" mentality, as well as from the housing and other affordable housing into the reasons for the choice of the people, such as the real estate market has emerged a certain degree of "excess capacity", is the evolution of the stock of the incremental age to age, "Activation needs to digest the stock" has become the primary goal of the housing market.

"Overall, the main reason leading to a slowdown in house prices rose overall market is too large destocking pressure affect the credit crunch and market indicators improved sales ratio and other factors, some development companies face because of funding pressures, semi-annual results Indicators 'rush in the harvest' and other pressures had to take 'price change' strategy, and even some of the projects take a substantial price reduction strategies in order to return the funds as soon as possible, resulting in 70 cities in 55 have experienced a decrease. "Zhang Hongwei analysts said.

In the Central Plains real estate chief analyst Zhang Dawei seems that current trends indicate that lower prices have no island, although some cities to cancel the purchase allows the emergence of short-term market recovery, but then did not show a recovery trend, on the one hand this is due to the current credit policy continued tight, 60-70% down payment threshold greatly improves the "buying and selling of a" common market replacement crowd funding pressures; hand experience can also be considered after 10 years of rapid development, has entered the real estate industry to shift from the high growth and stable development of the transitional phase.

The overall price adjustment will continue

The face of continued downward transaction data, the market for future price movements generally have conservative expectations.

"The current downturn in market sentiment, stock prices high and still in a rising trend, and together with the developers facing financial difficulties, it may be in the 'golden nine silver ten' before the arrival of faster turnaround, so the downward pressure on prices may also gradually increase big. "UBS chief economist Wang Tao said.

"If the majority of the city commercial bank credit remained tight in the second half, did not immediately cut first mortgage interest rates, and even the first mortgage interest rates continue to go up, the real estate market trading volume may still be to maintain the current relatively depressed state, then the third quarter , the credit crunch in the banking market background, large housing prices 'price change' behavior may encourage enterprises to make moderate price adjustments, or even a substantial price reduction. "Zhang Hongwei said.

Enterprises have to make price adjustments in order to maintain profitability targets, and control policies on the property market as a whole will also be taken to ensure that the direction of local conditions just to be satisfied. Department of Housing and Urban Policy Research Center main Renqin Hong said that the future of the real estate and then the central level will not take "one size fits all" type of regulatory policy; around supply and demand will be adjusted depending on the circumstances, while the national center of the city is still the bottom line should be no unconditional purchase of relaxation , will continue to curb speculative investment demand, as buyers demand to ensure a reasonable regulation of mind.

Invest In China's Nuclear Ambition

China General Nuclear Said to Pick Sponsors for $2 Billion IPO

China General Nuclear Power Group, the country’s biggest producer of nuclear energy, plans to appoint ABCI Securities Co., Bank of America Corp. and China International Capital Corp. as joint sponsors for an initial public offering in Hong Kong, people with knowledge of the matter said.

The company, based in Shenzhen, plans to file an application to the Hong Kong stock exchange in the next few months, the people said, asking not to be identified because the information is private. It may seek about $2 billion from the offering, they said.

Local Govts Fear Developers Will Go Bust Before Paying Taxes

In addition to slowing land sale revenue, governments are watching their real estate transaction tax revenue sales growth tumble. Real estate business tax and deed taxes increased 6.6% and 11.7% in the first half of 2014, falling 39.1% and 28.1% from the first half of 2013. It is normal for growth to be in the 20-30% range. (Additionally, the growth was front loaded in the early months this year.)

Some local governments have formed special task groups to collect real estate taxes. One official in a large city in Guangdong said they are worried that small and medium developers will go bankrupt before paying their taxes.

There's some concern that the push to collect taxes could be the straw that breaks the camel's back: Chinese authorities chase RMB4tn in pending land value tax

China's tax bureaus are gearing up to crack down on real estate firms and individuals who owe land value incremental tax, with their total tax arrears touching 4 trillion yuan (US$650 billion).

This might become the last straw for housing companies in China that have already been struggling with their capital chains.

The Guangdong Provincial Local Taxation Bureau has implemented a schedule to chase pending arrears of land value incremental tax among housing firms in the province, while Xiamen has also drafted and amended a plan, which will become effective in September, according to Shanghai's National Business Daily.

China has failed to effectively levy the land value tax.

多地加紧清缴房地产税费：担忧中小房企倒闭

Property "frozen" led to a substantial decline in tax revenue, some local governments have initiated action to settle taxes housing prices.

According to the revenue and expenditure of the Ministry of Finance has announced the first half of this year, the real estate business tax, deed tax, an increase of 6.6%, 11.7%, respectively, compared to the same period last year, the growth rate fell 39.1 percent, respectively, 28.1%, and frequently in the past twenty or thirty percent The high level of growth compared to the formation of a huge gap.

"Such a gap in the local show will double amplification." Guangdong Provincial Finance Bureau an analysis of local government revenue does not get rid of the shackles of the high proportion of real estate taxes.

"China Times" reporter learned that, in response to this gap, many tax authorities set up a special project team for the land and real estate, and intensify collection and land, real estate-related taxes and fees.

"We are worried that once the closure of small and medium housing prices, taxes on the income does not come up." A prefecture-level city in Guangdong tax inspectors responsible Quan (a pseudonym) told reporters.

Small room rate was included in the list of priorities

First half of July, a prefecture-level city in Guangdong above the tax inspection authorities issued hundreds of collections of information. "The main catch with land, real estate taxes, the object of the call, including businesses and individuals." Quan said.

Quan also said that more than two months before their units in the special team has been set up specifically for the land, real estate taxes in the call, the company responsible for the re-examination of real estate, taxes and projects involving land use objects such as units and individuals payment of accounts and collections.

Reporters learned in the interview process, Guangxi, Jiangsu and other provinces in the local tax department has also set up collection group for real estate, land.

In fact, since the beginning of last year and more trouble slowing revenue growth, many cities choose recovered taxes and other ways to fill the revenue gap. Throughout the year, revenue is still not optimistic about the situation, the recovery of the real estate industry is the focus of the goal, but rather to make the tax department worried about that, because the first half of this year, the real estate industry downturn, many small room rate debt, capital chain tension.

"The financial difficulties of small and medium housing prices are included in the key list of recovered tax audit." A prefecture-level city in Jiangsu Province, a tax inspector who said the city's housing prices over the past two years, small and medium owed more taxes, some companies Only by relying on usury can barely sustain. "Once insolvent companies go bankrupt, developers running, there is no way to recover the taxes up." He said.

This year, Ningbo, Zhejiang, Jiangsu, Nanjing and Wuxi, Hefei, Anhui, Hubei Xiangyang, Shenmu, Shaanxi and other places, there are many small and medium housing prices due to funding strand breaks, into bankruptcy, its projects have mostly failed to materialize, the person in charge of housing prices run Road phenomenon increased significantly, and even the national top 100 real estate enterprises glorious estate broke a more serious crisis in the capital chain, the company accounted for financing private lending total size of 1/3, the amount of more than 1 billion yuan, and stuck the roll continued by a vicious cycle.

"Some taxes precipitation for many years, look at what can be dug out this year the call, the call as soon as possible." Prefecture-level city in Jiangsu Province, a tax inspector who said, "real economic situation is not good, taxes do not go up, so to catch a grab land, real estate taxes, the tax amounts in these areas large, easy to bear fruit. "

Many tax department who told reporters that the taxes levied on the real estate industry there is a large flexible space, there is "ample time finance, payment may be paid when the financial pressure, housing prices must contribute to the tax authorities to support the completion of performance appraisal" of the situation .

"Poor operating conditions of the enterprise, pay taxes in the first half; operating conditions can also be a year of enterprises to pay taxes;. Ability of enterprises can pay taxes a year and a half," Quan admitted to the recovery of the real estate business different standard, because the tax index greater pressure this year, has been banned "overdone tax" also appeared frequently.

In the Transaction sluggish housing prices slowed down payment, the occasion, the tax authorities to step up the recovery of small room rate taxes, making the already tense capital chain small room rate "worse" to increase the funding strand breaks crisis.

Tap the potential of small taxes

Housing prices in the local tax department initiated action to settle taxes, and local governments suffering from "real estate dependency syndrome" are closely related. However, with the land market transactions and real estate transactions cooling trend, transactions dropped significantly influenced by the increase in taxes.

According to the Ministry of Finance revenue and expenditure showed the "deed" significantly increase downstream, completed 217.418 billion yuan in the first half, up 28.1 percent year on year growth rate down.

"Local governments began digging a small tax potential. Currently, the collection is tight project is mainly urban land use tax and property tax . "Quan said.

Guangzhou Local Taxation Bureau stakeholders also revealed that all units and individuals shall, before the end of September, subject to urban land use tax and property tax.

Urban land use tax refers to cities, counties, towns, industrial and mining land use within the range of units and individuals to the actual occupation of the land area of ​​the tax basis.

According to Ministry of Finance data showed, in 2013 involving the highest share of real estate taxes are sales tax (real estate and construction), deed tax, land value increment tax , urban land use tax.

Guangdong Provincial Finance Bureau analysis of a person in a higher proportion of tax revenue, the sales tax and deed closely tied with the real estate transaction prices, fluctuation situation uncertain. The urban land use tax levied on fixed and larger base, several other undulating can ease the impact. The main thing is, urban land use tax is only levied on housing prices, but the use of land units and individuals, a broader scope.

"It's similar with Guangdong recent liquidation LAT strictly for local governments, because the task is daunting, the need to fully tap the potential of the tax." Guangdong Provincial Finance Bureau of the above pointed out, this is still not a large improvement in the local economy, real estate transactions downturn, for a place to land addiction fiscal tax purposes, the impact is obvious that local governments had to find another way.

Shijiazhuang, the Inland Revenue Department, announced that the strengthening of the area of ​​land use tax collection, the Urban Land Use Tax This "small tax" revenue pie bigger, so that the potential income tax highlights. 1-4 months of this year, the council warehousing land use tax 43.39 million yuan, compared with the same period last year income 30.5 million yuan, an increase of 236.6%.

Revenue and expenditure Ministry of Finance recently released data show that the tax aspects of real estate transactions in the same slowdown, June farmland occupation tax, urban land use tax has appeared more than 30% of high growth. From the overall situation in the first half, the Urban Land Use Tax completed 106.171 billion yuan, an increase of 16.6%.

In addition, a number of ground-level Local Taxation Bureau told reporters that the sales tax as the main pillar of the local revenue sources and, to the imposition of VAT, tax revenues will decline, the levy will be greater pressure in the second half, so the local government advance "prepare", due taxes.

Idiots in Hubei Build Illegal Buildings On Edge of Dry River Bed

There's no river going through there anymore, but will that always be the case? One disastrous rainstorm and they would have a huge problem.

Construction has been halted, but they managed to build several floors of the structures before being caught.

湖北一河道内疑现2处违建房 官方称均已停工

For Internet users reflect "along the river town of Badong County regarding the construction of illegal buildings occupied by the river", July 18, Badong County authorities responded that the two buildings have been involved in stoppages, but the behavior does not involve the construction of the river, does not involve the Three Gorges reservoir water level control lines.

July 14, that someone broke the news in the Sports Network East Lake community, in Badong County, along the shores of the bridge crossing the town, there are two houses in the river suspected building. Netizens questioned belong violations, and provides related images. You can see from the picture, not far from the shores of the bridge consists of 2 unfinished building close to the river, the bottom of which a building has been close to the dry river bed .

July 18, the reporter contacted the Badong County Water Conservancy Bureau of Fisheries, the Bureau conducted a reply on the relevant instructions.

The council said in reply, after investigation, the users of which reflect a dual housing households to Badong County Oil Co. of God, the house is located along the river town high Iwamura four groups. Mapping the professional measuring mechanism, the housing construction minimum altitude above the Three Gorges Reservoir construction control lines, and the construction of the house is not in the river, the river does not exist occupied housing problems. The housing construction has made "construction land planning permit," "land for construction of ratification" and "approval of the environmental impact of construction projects" and other related procedures, because some procedures are not completed, the project has been asked to shut down.

Reply, said another house next to the bridge users reflect the immigrant families together two building, the house was built in the southern end of the bridge along the river, and its height above the double construction Oil Co. of God for himself, and made "Geotechnical Investigation Report", after the County Planning Board because no advice to refuse to handle land use planning procedures, engineering program termination, has not made "construction land planning permit."

Subsequently, the reporter contacted Badong County town government to verify the situation along the river, the relevant person in charge of water conservancy and Fisheries Bureau confirmed the statement and said that the behavior of immigrants illegally built housing co-exist, the local government has repeatedly Construction Management Office under its issued a "suspension notice." Currently, the building has been there more than a month halt, the relevant departments are providers [ Introduction News ] discuss related penalties.

Trust Disaster Unfolding In Sichuan

Large potential trust defaults looming in the next year have grabbed the headlines, but these defaults may pose no systematic risk, even if they eventually end up on a bank's balance sheet. The greater risk may lie with the credit guarantee firms that have backed trust and bank loans in many areas. Consider the situation unfolding in Sichuan, where a credit guarantee firm is at the heart of multiple trust products that consist of loans to small and medium enterprises (SMEs). These loans were marketed as 80% prime and 20% subprime, but in one trust 80% of the loans are in default. In this situation, instead of one big borrower going bust and putting a trust in default, there are hundreds of firms involved across multiple trusts. Dozens of lawsuits are underway from the one trust that matured in August 2013; potentially hundreds loom if ensuing trusts fail at the same rate. These court cases will chill business activity and since many loans are in the same geographic area, the potential for systematic risk in local economy is higher, even though the trust amounts are much smaller and the individual loan amounts yet smaller still.

China Fortune International Trust and Jingu International Trust have made many trust loans cooperating with the Hopeto Credit & Guarantee Co (Huitong), a firm which is now in the process of being rescued by the government. Dozens of loans from a single trust, Sunflower SME Loans No.3 issued by Jingu, have gone bad and Jingu has sued dozens of borrowers in addition to credit guarantee firms that guaranteed the loans (see prior posts for background). That trust came due in August 2013, long before Huitong went bust. With the credit guarantee firm now in trouble, the problem could grow exponentially. The executives of Huitong are missing since July 6. The company (with help from the government) is working to gain the support of banks and creditors, discover the extent of the problem, and to gradually reduce risk.

One trust in question is Fortune's Xinhui SME Loan No.2, issued in February 2014, with ￥57 million in SME loans and a yield of 9% to 9.6%. The loans were secured by Huitong and Huitong guarantees investors' money should the loans go bad.

A manager of a credit guarantee firm explains that the trust companies became vehicles for excessive risk taking and leveraging. Credit guarantee firms became the lead actors: they issued the loans to the small borrowers who should not have had access to credit obtain trust loans, while the trust company handled fund raising. He also said that this is seldom seen with government credit guarantee firms, but often seen with private firms. The loans have costs of 16-18% (interest plus fees), with 12% going to the trust company and about 4% to the credit guarantee firm.

There are other trusts at risk. Fortune also issued Xinhui SME Loan No.1, No.3 and No.4. Except for No. 3 issued at the end of 2013, the others were issued in the first half of 2014. The last, No.4, was established on June 13 with ￥178 million in assets. As for No. 1 and No. 4, they are 80% prime loans and 20% subprime, with Sichuan Jingda Hengying Investment Management guaranteeing the subprime portion. Huitong is guaranteeing the rest. The 80/20 split is no consolation for investors. Only 20% of the loans in the Sunflower SME Loans No. 3 have been repaid and that trust launched in 2012 with the same 80/20 split. If the characteristics of the credit bubble in the U.S. has any similarities, the failure rate of more recent trusts is likely to be even higher. Along those lines, Sichuan Jingda Hengying itself was recently established in September 2013 with ￥50 million in capital.

Another trust in question: Sunflower SME Loans No.9, a 12-month trust that loaned ￥102 million to 13 SMEs in Chengdu, comes due on August 2. Another: Sunflower No.15 which came due in June and like Sunflower No.3, made loans to firms in Zhejiang, epicenter for the current real estate slowdown and an area experiencing an economic slowdown. Many firms there face tight credit conditions and business difficulties; there's no news on the repayment of those loans.

Yet another: Sunflower No.1 which made ￥250 million in loans to companies in Foshan, Guangdong province. Supposedly the split there was 90% prime/ 10% subprime. The adviser on those loans is Cinda (1359.HK).

Cinda owns 92.29% of Jingu Trust.

Source: 中小企业信托风险信号：华鑫、金谷信托接连卷入担保危局

Prior coverage: Largest Privately Run Credit Guarantee Firm in Sichuan Goes Bust
Credit Slows With Private Credit Guarantee Firms Under Pressure in Sichuan
Guarantee Companies Behind Sunflower 3 Trust Bad Debts

Leadership Issues "Military Order" on Reforms

Downward pressure burdens Chinese economy

Although Chinese leaders have stressed the flexibility of the GDP growth target, an inspection group dispatched by the State Council found that attaining "reasonable" growth remains a struggle.

The group inspected government work in Hebei, Liaoning, Heilongjiang and Beijing from June 25 to July 5. It noted that slowed economic growth, particularly in Hebei and Heilongjiang, needs to be addressed.

This Chinese report says that a "military order" was given to local governments. They must guarantee completion of reforms. This order comes after the inspections, which were aimed at finding problems with provincial and local governments.

国务院立“军令状”：今年经济目标必须完成

Here is one interpretation of the leak of this "military order," by Liu Shan, which is a top headline at iFeng.

He says the information tells us that the economy isn't doing well, and without action, it will be impossible to hit the growth target. Second, macro policies have had little effect and the micro-stimulus relies of local government officials.

He goes on to criticize the micro-stimulus as being too slow, and that it will not add up. Monetary policy is not in harmony with a stimulus effort. Adding up the mini-stimulus efforts delivers an impressive number, but they're not efficient. Furthermore, counter-cyclical policies will not correct structural problems.

He also says the original growth target was unrealistic and cannot be achieved without stimulus.

第28期：国务院立“军令状”说明什么

"Military order" revealed two important messages, one of the current economic situation is not good, if not as it is impossible to complete the annual economic growth target. Second, the existing macroeconomic policy had little effect, "steady growth" rely on local government efforts.

The State Council is itself a Shuoyibuer agency, but recently a little annoying.

Xinhua News Agency on July 16th executive meeting of the State Council, this is reported, "Premier Li Keqiang on July 16 chaired a State Council executive meeting, listen to the State Council promulgated the policy measures to promote the situation and deploy inspection reports and rectification implement the plan, stressed the need to strengthen responsibility, solid work, seek practical results. "

This is the blurb Xinhua News Agency press release, points out news points. Perhaps the true meaning of these words can be understood: the local government to implement the policy of the State Council, poor, less responsible, the lack of really dry, but no results.

The actual situation is true.

The State inspection team to the problems identified, made the following generalization, "part of the policy implementation of the links, the progress is slow, some localities and departments to implement re-arrangement of the light, the presence of buck-passing phenomenon; some cadres lack of a sense of responsibility, encounter difficulties" dodging go ", do not act, do not play, lazy political lax, and some engage in selective implementation of symbolic execution."

This confirms speculation that the outside world that does not exist as a phenomenon of local cadres, has become the largest uncertainty "steady growth." Since the allocation of resources still government-led, if local officials slack, then to implement the State Council's "micro-stimulus" policies, it is difficult.

Reported that the meeting stressed this year to determine the economic objectives is a solemn commitment to the people and must ensure completion.

Achieve 7.5 percent economic growth target is "a solemn commitment to the people", so heavy tone expression, revealing the senior leadership of frustration and anger.
The media will "have to ensure the completion of" the State Council set a considered a "military order."

This "military order" revealed two important messages, one of the current economic situation is not good, if not as it is impossible to complete the annual economic growth target. Second, the existing macroeconomic policy had little effect, "steady growth" rely on local government efforts.

There such embarrassing situation, both political mischief, but also macroeconomic policy mismatch dictates. Earlier, Deputy Director of the Central Bank and Statistics Division published the opposite point of view, to reveal the lack of consensus on macroeconomic policy. Also completed economic indicators, but also engage in massive stimulus, the macroeconomic adjustment period, so the idea is not only naive, but also to tie themselves.

From the recent frequent introduction of macro-policy perspective, the total amount of the policy is broken, in order to display targeted, but a discerning eye to know, this is actually does not want to deny yourself. If we engage in a massive stimulus, walking is the old number, but the new approach "micro-stimulus" efforts are still not only is the "micro-stimulus" number of overweight. This is much like television athletes slow motion, looking very slow, in fact, a complete set of actions, artificially change the rate only.

1 +1 is not necessarily equal to 2, the decomposition of macroeconomic policies, and complete a one-time action is not the same. According to the latest statistics, the first half of the scale of social financing was 10.57 trillion yuan, the highest level for the same period in history, more than 414.6 billion yuan more than last year, more than the response to 2009 and 2010 the average level of the same period of the global financial crisis of 2.08 trillion yuan during the period . In the first half, RMB loans increased 5.74 trillion yuan, an increase of 14%, by more than 659 billion yuan. Broad money (M2) balance grew by 14.7% in March, April growth rate was 12.1%, 13.2%, 13.4%, was steadily on the rise.

That is to say, "micro-stimulus" policies strength does not come worse than a one-time "strong stimulus", but the policy efficiency is lower. Because monetary policy are generally half the time difference, and the role of monetary policy signals have also been hidden, which makes monetary policy at the same time continue to overweight, but can not play the corresponding policy effects. The current reality of the situation of the country's economic growth, it shows the effect of poor macroeconomic policies, otherwise the State would need to "establish military order."

Of course, there are the Chinese economy itself is a structural problem, perhaps below the potential growth rate of 7.5%, while the total amount of the policy as a macroeconomic policy is counter-cyclical measures only, and can not solve structural problems. So adjustment is a long-term task, the inevitable conflict with the short-term growth targets occur.

Due to the already unrealistic growth target to complete the task must rely on the stimulus, and the total dismantling of the policy approach looks fancy, but actually counterproductive. In the long term can not solve structural problems in the short term but also reduces the efficiency of policies.

The issue at hand headache, on the one hand to urge local officials and labor have to contribute, on the other hand probably have to increase the stimulus policy by releasing more intense signals to initiate market forces.

Although many credit growth, but opinions enterprise feedback is still difficult financing, financing expensive, to solve this problem, "directed" approach really as good as "quantitative" effective. Send a clear signal effective macro-control policies, or government priority.

Housing Won't Beat the Dollar, But It Will Beat The Yuan

A case for buying a home in a first or second tier cities boils down to interest rates will fall and the yuan will depreciate. Purchasing power will be better protected in real estate.

It may make sense for a home buyer, but equities are the relatively cheap asset.

中国两类城市刚需目前可买房 房价定跑赢人民币

every day, said if the 10-year observation period, China's housing prices may not run to win dollars, but outperformed the renminbi is inevitable.

If you live in a second-tier cities, is "just to be family," then perhaps now is a good time to buy a house shot. The following reasons:

1, the overall surplus on the Chinese property market has serious, but a second-tier cities in the central area of the property, the problem is not too big to five years. This fact is the government will protect the bottom line, if a full collapse of second-tier cities, the Chinese economy is bound to collapse. In addition, these cities are in China "most powerful" of the city, they have the ability to mobilize resources to protect themselves. Currently they are in their respective provinces, is the best city public resources. These public resources include: education, health, infrastructure, business environment, security and safety. So when these urban open accounts, purchase later, to continue to attract foreign population influx. It is estimated that by the end, most of the second-tier cities to do so.

2, if the 10-year observation period, China's housing prices may not run to win dollars, but outperformed the renminbi is inevitable. China is the emerging economies, the "visible hand" intervention in the economy are more powerful state-owned enterprises, the central bank is not independent. With these factors, economic efficiency is low, zombie companies need capital more than RMB ultra hair is the norm. If the average inflation rate of 5% real, yuan purchasing the remaining 60% after 10 years, 20 years after the remaining 36%; If the real inflation rate of 7%, the purchasing power of the RMB remaining 48% after 10 years, leaving after 20 years twenty three%. If a longer period of observation, such as more than 20 years, housing prices in major Chinese cities also outperformed the U.S. central area, but also because of the long-term depreciation of the dollar.

3, you might say, the U.S. houses are cheaper, high rental returns. This is of course no problem. But not all Chinese people can immigrants are willing to immigrants, after all, is someone else's country, another language and culture. The vast majority of people still want to live in the country, they still should be based on domestic considerations. China's urban pattern is completely different with the United States, plus value added too much on housing, so China's high prices have some rationality.

4, from now to the end of the year, with more and more relaxed monetary policy, the RMB interest rate will gradually decline; achieved 3% in the first half of RMB devaluation, the second half will be in a steady state up; urge the central bank and the CBRC, commercial banks attitudes toward residential mortgage loans from "tight" to "neutral", then to "just be strong support"; government's attitude more clearly, there will be more and more cities to lift the restriction, even tax relief, relaxation of foreign population settled. These constitute a real good for the property market.

Different cities, the situation is different. Whole, the first-tier urban centers, suburban house has investment value. But most of the suburban house rose slowly, the economy is bad when large fluctuations. Second-tier cities the situation is different, such as a larger Tianjin, Chongqing suburb supply ratio, do be careful. Hangzhou , Fuzhou high prices, Harbin popularity somewhat inadequate. On the whole, or should the central area of purchase.

By buy-rich-quick era is over, the future of the house can withstand a good location and even slightly outperformed inflation. But overall, the house will become a "defensive" assets, rather than "offensive" assets. So, regardless of fluctuations within two or three years, because it's hard to grasp the lowest point. But 10 years, 20 years later you will find that today to buy a house in the center of China's major cities, how wise you are.

Finally, explain what I mean by "a second-tier cities." Basically there is no dispute tier cities, the mainland is the North, on the broad, deep, in addition to Hong Kong. Second-tier cities is a very chaotic concept, each institute has its own algorithm. I think one of the city's banking system in the accumulation of capital (financial institutions and foreign currency deposits), is the result of the city's economic operation, but also the future development of power, so the city's comprehensive competitiveness is to examine the most important single indicator.

Second-tier cities should have two important conditions: first, it's the balance of deposits in 2013 to reach more than 800 billion; Second, it is a "power" of the city, either municipalities, provincial capitals, either separately planning cities . If it's just a prefecture-level city, it must be large enough economic output, more than enough money, and in close proximity to a first-tier cities.

Behind Changzhou's Market Rescue: Prices Never Go Up, Developers Flee

Earlier this week I posted on the Changzhou "market rescue" effort: Changzhou Party Mouthpiece: Now Is A Great Time to Buy Changzhou Real Estate; People's Daily: Where Is Your Integrity?

Behind the desperate marketing ploy is a very weak housing market.

In the past few years, due to oversupply of land, insufficient influx of new residents and a slowing economy, prices have been stagnant. A developer previously asked, "Why don't Changzhou prices ever go up?" Now he is asking, "How do I cut prices?" Two months ago he tried cutting prices 5% to 10%, but found cutting prices didn't work anymore. Some developers have been using a stable pricing policy to drive sales and that could have kept a lid on prices before.

The amount of land being developed in Changzhou has tumbled 70% from 2010 levels. Developers are getting out while they still can. Agile Properties slashed prices 40% off its planned price in order to unload inventory.

The aforementioned developer said that only about one-third of residents in the city have real purchasing power and based on the new construction, there is about 60 sqm per person, a scary number. A midsize developer said Changzhou is a market he definitely will not enter. There is the provincial (Jiangsu) capital of Nanjing to the west and the more developed Suzhou and Wuxi to the east, which attracts people away from Changzhou, plus Suzhou has a strong economy.

常州“救市”背后：房价总是涨不上去 大型开发商逃离

June Price Data Confirms Accelerating National Price Decline

In May, the headline here was May Home Prices: Accelerating Price Declines. This month, the acceleration picked up speed and broadened nationally. Cities with month-on-month rising prices are now the rare exception. The average price decline doubled from May in cities with falling prices.

Of May I wrote:

Last month, 35 cities saw price declines and 20 were flat. Most of the latter will probably decline in June. If so, April-May will mark the peak for home prices in this cycle.

Confirmed.

New home prices were down broadly:

March: 4 cities saw declines in price mom, 10 cities were flat, 56 were up.
April: 8 cities saw declines in price mom, 18 cities were flat, 44 were up.
May: 35 cities saw declines in price mom, 20 cities were flat, 15 were up.
June: 55 cities saw declines in price mom, 7 cities were flat, 8 were up.

Hohhot and Guiyang saw the largest price increases mom of 0.2%; Hohhot was in the news for cancelling buying restrictions in late June.

The largest new home price decline was 1.7% in Hangzhou, followed closely by nearby Ningbo, down 1.5%. The average decline in June among cities will falling prices was 0.6%, double the 0.3% rate in May.

Existing home prices fell broadly as well. 7 cities saw gains, 11 cities were flat and 52 saw declines. In April, only 2 cities were down yoy; this rose to 5 in May and 8 in June.

There was some variation within the cities: Beijing saw new home prices climb 0.1%, but existing home prices fell 1.3%. In Luoyang, new home prices fell 1.2%, but existing home prices climbed 0.1%.

In April, 44 of the 70 cities saw existing home price declines mom in at least one area segment (last table below). In May, the number rose to 51 cities. In June, it climbed to 60. For new homes, 58 cities saw at least one segment decline in price.

Update: ZeroHedge has a chart showing the June price decline is larger than any monthly decline in 2011.

Below is the data for May. The first table is new residential housing. The data is MoM, YoY, and since 2010. The second table is commercially built properties （商品房）. The third table is existing homes. The fourth table breaks down the prices changes for 商品房 by sqm. The fifth table does the same for existing homes.

表1：2014年6月70个大中城市新建住宅价格指数

城市	新建住宅价格指数			城市	新建住宅价格指数
	环比	同比	定基		环比	同比	定基
	上月=100	去年同月=100	2010年 =100		上月=100	去年同月=100	2010年 =100
北　　京	100.1	106.4	122.6	唐　　山	100.0	100.7	103.2
天　　津	99.5	103.3	112.7	秦 皇 岛	99.6	102.9	115.2
石 家 庄	100.0	104.9	120.7	包　　头	99.5	102.0	112.4
太　　原	99.6	105.9	116.1	丹　　东	99.4	104.2	117.5
呼和浩特	100.2	106.4	116.3	锦　　州	99.2	105.1	115.9
沈　　阳	99.1	103.6	119.8	吉　　林	99.4	102.9	114.4
大　　连	100.0	104.4	118.9	牡 丹 江	99.9	102.0	113.4
长　　春	99.4	104.5	114.2	无　　锡	99.2	100.9	105.8
哈 尔 滨	100.1	104.2	114.9	扬　　州	99.7	104.2	112.2
上　　海	99.4	107.0	121.0	徐　　州	99.6	103.4	112.6
南　　京	99.5	105.1	114.0	温　　州	99.7	95.0	79.3
杭　　州	98.3	100.6	98.6	金　　华	99.4	102.8	103.3
宁　　波	98.5	101.3	98.3	蚌　　埠	99.5	102.0	108.3
合　　肥	99.6	105.7	113.9	安　　庆	99.7	102.1	108.9
福　　州	99.3	105.2	120.1	泉　　州	99.0	104.2	108.3
厦　　门	100.1	109.2	127.7	九　　江	99.3	102.0	109.5
南　　昌	99.5	103.4	117.9	赣　　州	99.2	104.2	113.9
济　　南	99.3	104.6	113.4	烟　　台	99.6	105.5	112.9
青　　岛	99.4	104.6	110.3	济　　宁	99.7	104.1	113.4
郑　　州	100.0	104.8	122.2	洛　　阳	98.8	104.5	116.1
武　　汉	99.6	105.0	116.8	平 顶 山	99.4	105.0	115.0
长　　沙	99.1	104.8	122.0	宜　　昌	99.2	103.5	114.5
广　　州	99.4	107.7	129.3	襄　　阳	99.1	102.3	114.9
深　　圳	99.6	106.6	125.6	岳　　阳	100.0	102.9	115.1
南　　宁	99.3	104.8	112.8	常　　德	99.5	103.9	113.0
海　　口	99.4	101.2	103.1	惠　　州	99.7	105.2	114.5
重　　庆	99.2	103.9	114.1	湛　　江	100.1	106.0	119.3
成　　都	99.4	103.6	114.0	韶　　关	99.3	100.8	112.4
贵　　阳	100.2	104.3	114.8	桂　　林	99.1	106.0	118.7
昆　　明	99.5	103.4	114.3	北　　海	99.5	105.6	112.5
西　　安	100.0	105.3	116.8	三　　亚	99.9	104.4	107.5
兰　　州	99.2	102.4	115.4	泸　　州	99.2	106.3	113.8
西　　宁	100.1	106.3	122.5	南　　充	99.6	103.6	113.2
银　　川	100.1	105.8	115.9	遵　　义	99.7	103.8	113.8
乌鲁木齐	99.6	105.5	124.7	大　　理	100.0	103.6	107.6
注：环比以上月价格为100，同比以去年同月价格为100，定基以2010年价格为100。

表2：2014年6月70个大中城市新建商品住宅价格指数

城市	新建商品住宅价格指数			城市	新建商品住宅价格指数
	环比	同比	定基		环比	同比	定基
	上月=100	去年同月=100	2010年 =100		上月=100	去年同月=100	2010年 =100
北　　京	100.1	108.0	129.3	唐　　山	100.0	100.8	103.5
天　　津	99.5	103.7	114.4	秦 皇 岛	99.6	103.2	116.9
石 家 庄	100.0	105.0	121.2	包　　头	99.4	102.4	113.9
太　　原	99.6	106.1	116.7	丹　　东	99.4	104.2	117.6
呼和浩特	100.2	106.6	116.8	锦　　州	99.2	105.1	115.9
沈　　阳	99.1	103.7	120.4	吉　　林	99.4	103.0	115.0
大　　连	100.0	104.4	119.1	牡 丹 江	99.9	102.0	113.5
长　　春	99.4	104.6	114.6	无　　锡	99.0	101.0	106.5
哈 尔 滨	100.1	104.4	115.6	扬　　州	99.7	104.4	112.6
上　　海	99.3	108.2	125.1	徐　　州	99.5	103.6	113.3
南　　京	99.4	106.6	118.5	温　　州	99.7	94.7	78.1
杭　　州	98.2	100.7	98.5	金　　华	99.4	102.8	103.3
宁　　波	98.4	101.4	98.2	蚌　　埠	99.5	102.1	108.5
合　　肥	99.6	106.2	115.0	安　　庆	99.7	102.2	109.1
福　　州	99.3	105.2	120.4	泉　　州	99.0	104.4	108.7
厦　　门	100.1	109.4	128.5	九　　江	99.3	102.1	109.9
南　　昌	99.5	103.5	118.6	赣　　州	99.2	104.2	114.0
济　　南	99.3	104.6	113.4	烟　　台	99.6	105.5	113.1
青　　岛	99.4	104.8	110.8	济　　宁	99.6	104.2	113.8
郑　　州	100.0	105.0	122.8	洛　　阳	98.8	104.6	116.4
武　　汉	99.5	105.2	117.7	平 顶 山	99.4	105.1	115.2
长　　沙	99.1	104.8	122.3	宜　　昌	99.2	103.5	114.7
广　　州	99.4	107.7	129.7	襄　　阳	99.1	102.4	115.0
深　　圳	99.6	106.7	126.1	岳　　阳	100.0	104.5	121.2
南　　宁	99.3	104.9	113.1	常　　德	99.5	103.9	113.1
海　　口	99.4	101.3	103.1	惠　　州	99.7	105.2	114.6
重　　庆	99.2	103.9	114.4	湛　　江	100.1	106.0	119.3
成　　都	99.4	103.7	114.1	韶　　关	99.3	100.8	112.8
贵　　阳	100.2	104.7	116.1	桂　　林	99.1	106.1	119.1
昆　　明	99.4	104.1	116.5	北　　海	99.5	105.6	112.6
西　　安	100.0	105.9	118.6	三　　亚	99.9	104.4	107.6
兰　　州	99.2	102.4	115.7	泸　　州	99.2	106.5	114.3
西　　宁	100.1	106.4	122.5	南　　充	99.6	103.7	113.4
银　　川	100.1	106.2	117.0	遵　　义	99.7	104.2	115.5
乌鲁木齐	99.6	105.5	124.9	大　　理	100.0	103.9	108.2

表3：2014年6月70个大中城市二手住宅价格指数

城市	二手住宅价格指数			城市	二手住宅价格指数
	环比	同比	定基		环比	同比	定基
	上月=100	去年同月=100	2010年 =100		上月=100	去年同月=100	2010年 =100
北　　京	98.7	104.7	117.6	唐　　山	99.7	100.3	104.0
天　　津	100.0	103.9	108.7	秦 皇 岛	99.2	98.5	101.9
石 家 庄	100.1	102.4	101.7	包　　头	99.4	101.5	102.7
太　　原	100.1	102.7	116.7	丹　　东	99.6	101.9	105.7
呼和浩特	99.6	101.2	107.2	锦　　州	99.6	101.1	101.8
沈　　阳	99.7	104.2	110.6	吉　　林	99.5	99.7	104.2
大　　连	99.6	100.4	107.8	牡 丹 江	98.5	96.6	99.4
长　　春	99.8	102.2	105.8	无　　锡	99.6	100.8	106.9
哈 尔 滨	100.0	103.9	104.4	扬　　州	100.1	101.8	102.2
上　　海	99.3	105.0	116.7	徐　　州	99.7	100.4	99.8
南　　京	99.7	104.4	106.7	温　　州	98.8	90.4	78.0
杭　　州	99.1	98.5	95.2	金　　华	99.4	100.9	96.8
宁　　波	99.3	100.5	95.2	蚌　　埠	99.6	103.5	109.6
合　　肥	99.5	105.9	108.2	安　　庆	99.6	100.1	100.5
福　　州	99.3	104.1	103.9	泉　　州	99.5	102.4	99.9
厦　　门	99.8	106.2	113.5	九　　江	99.6	100.9	103.9
南　　昌	99.5	103.3	106.8	赣　　州	99.6	99.9	99.5
济　　南	99.7	102.1	106.0	烟　　台	99.7	103.2	104.5
青　　岛	99.6	101.0	103.1	济　　宁	99.7	100.7	108.3
郑　　州	100.0	106.8	114.1	洛　　阳	100.1	105.3	114.3
武　　汉	99.6	104.6	111.1	平 顶 山	100.0	103.8	112.5
长　　沙	100.0	104.2	109.6	宜　　昌	99.8	103.2	108.9
广　　州	99.7	107.4	121.3	襄　　阳	99.7	103.2	115.4
深　　圳	99.4	109.1	123.3	岳　　阳	100.0	102.9	115.6
南　　宁	100.0	101.6	106.5	常　　德	99.9	102.3	114.5
海　　口	99.6	99.5	94.6	惠　　州	99.5	104.7	112.3
重　　庆	99.5	102.2	105.0	湛　　江	99.8	102.8	111.5
成　　都	99.5	102.4	104.3	韶　　关	99.3	101.4	109.1
贵　　阳	100.1	106.1	119.8	桂　　林	100.0	101.6	106.1
昆　　明	100.0	103.1	116.0	北　　海	99.6	102.4	107.9
西　　安	99.7	101.1	105.5	三　　亚	99.9	101.6	96.4
兰　　州	99.8	101.9	101.2	泸　　州	99.6	104.1	106.1
西　　宁	100.1	102.1	112.9	南　　充	99.8	103.2	106.5
银　　川	100.0	105.8	112.9	遵　　义	100.1	102.3	112.5
乌鲁木齐	100.0	104.2	114.3	大　　理	99.8	99.6	103.7

表4：2014年6月70个大中城市新建商品住宅分类价格指数

城市	90m2及以下			90-144m2			144m2以上
	环比	同比	定基	环比	同比	定基	环比	同比	定基
	上月 =100	去年同月 =100	2010年 =100	上月 =100	去年同月 =100	2010年 =100	上月 =100	去年同月 =100	2010年 =100
北　　京	100.2	108.2	130.8	100.0	107.8	128.9	100.1	108.0	128.4
天　　津	99.6	103.4	116.5	99.5	104.1	113.6	99.3	103.5	113.5
石 家 庄	100.1	105.9	121.9	100.0	104.6	121.7	100.1	105.2	119.5
太　　原	99.7	107.2	118.3	99.7	106.7	118.8	99.5	105.0	113.8
呼和浩特	100.2	107.2	118.1	100.1	105.9	114.9	100.3	107.1	118.5
沈　　阳	99.3	103.8	123.3	99.0	103.7	119.2	98.9	103.3	116.2
大　　连	100.0	103.8	118.9	100.0	105.3	119.9	100.1	104.2	117.9
长　　春	99.3	104.2	119.4	99.4	105.4	114.7	99.3	104.0	109.1
哈 尔 滨	100.1	104.8	117.2	100.2	104.2	115.2	100.0	104.3	114.1
上　　海	99.6	109.2	129.7	99.5	108.2	124.6	99.0	107.7	123.3
南　　京	99.6	106.6	118.3	99.5	106.5	118.8	99.0	106.8	118.1
杭　　州	97.9	98.5	98.1	98.4	101.6	98.5	98.5	102.0	98.8
宁　　波	97.7	99.4	97.7	98.5	101.5	97.3	98.5	102.0	99.1
合　　肥	99.8	105.9	117.6	99.6	106.5	114.5	99.1	105.6	111.2
福　　州	98.9	104.6	119.5	99.2	104.8	122.2	99.7	106.0	118.9
厦　　门	100.2	110.0	132.4	100.0	110.3	130.0	100.1	107.9	124.2
南　　昌	99.4	103.5	117.5	99.5	103.6	120.1	99.6	103.4	116.3
济　　南	99.2	105.1	117.3	99.3	104.0	113.2	99.4	105.5	112.1
青　　岛	99.3	104.1	109.9	99.6	105.3	112.7	99.2	104.7	108.4
郑　　州	100.1	105.2	124.4	100.0	103.8	121.2	100.0	105.9	122.4
武　　汉	99.6	105.5	118.8	99.5	104.8	117.9	99.5	105.8	115.6
长　　沙	99.3	104.9	125.3	99.3	104.2	122.2	98.6	105.5	119.7
广　　州	99.3	108.0	130.1	99.5	108.5	132.7	99.3	106.8	126.1
深　　圳	99.7	107.1	129.3	99.5	107.6	124.8	99.5	105.9	123.8
南　　宁	99.5	104.7	113.5	99.3	104.7	113.0	98.9	105.6	112.5
海　　口	99.7	102.0	106.4	99.6	101.6	103.1	98.9	100.5	102.0
重　　庆	99.3	103.6	117.3	99.1	103.6	112.8	99.0	104.9	112.7
成　　都	99.3	103.1	113.6	99.5	104.3	116.5	99.6	103.5	111.3
贵　　阳	100.1	105.7	118.5	100.2	104.4	115.9	100.3	104.8	114.8
昆　　明	99.5	104.6	119.6	99.4	104.1	116.4	99.5	103.5	112.6
西　　安	100.0	105.8	121.6	100.1	105.0	116.5	99.8	107.7	117.9
兰　　州	99.0	102.3	115.6	99.4	102.7	115.3	98.7	101.8	116.8
西　　宁	100.3	106.5	122.1	100.1	106.3	122.9	100.1	106.3	121.4
银　　川	100.1	107.2	120.2	100.2	105.9	114.8	100.1	105.4	116.9
乌鲁木齐	99.5	107.1	126.5	99.7	104.8	126.4	99.5	104.4	118.9
唐　　山	100.0	102.0	105.3	100.0	100.5	103.6	99.9	99.9	100.9
秦 皇 岛	99.4	103.5	118.7	99.7	102.9	115.8	100.0	103.0	115.4
包　　头	100.0	103.3	115.2	99.0	102.5	114.7	99.4	99.8	108.5
丹　　东	99.9	105.0	120.1	99.1	103.8	117.1	98.7	103.3	113.1
锦　　州	99.4	105.2	116.5	99.0	105.1	116.4	99.0	105.1	111.5
吉　　林	99.4	102.4	115.1	99.4	103.0	114.8	99.5	104.1	115.7
牡 丹 江	100.0	102.0	113.4	99.9	102.2	113.9	99.8	100.6	113.4
无　　锡	99.3	100.6	108.5	99.2	101.7	107.0	98.7	100.3	104.6
扬　　州	99.7	104.8	114.7	99.7	104.1	112.4	99.5	104.8	112.4
徐　　州	99.5	102.4	111.8	99.6	103.6	114.0	99.3	105.3	112.0
温　　州	99.9	93.9	80.4	100.0	94.3	81.5	99.6	94.9	76.9
金　　华	99.7	104.5	111.6	99.5	102.9	105.7	99.2	102.2	99.1
蚌　　埠	99.6	104.4	112.3	99.5	101.1	107.0	99.2	103.5	109.8
安　　庆	99.7	102.6	111.7	99.9	102.1	109.1	99.2	102.5	108.6
泉　　州	98.8	104.2	109.1	99.3	104.9	110.3	98.6	103.7	105.8
九　　江	99.4	102.0	110.3	99.3	102.7	111.2	99.0	100.6	104.7
赣　　州	99.7	104.9	113.6	99.1	104.5	114.6	99.2	103.3	113.1
烟　　台	99.9	105.5	112.8	99.5	106.3	114.9	99.4	103.1	107.8
济　　宁	99.9	105.6	115.4	99.5	104.3	114.8	99.6	102.9	109.9
洛　　阳	99.3	106.5	122.0	98.8	103.1	114.0	98.5	104.8	115.1
平 顶 山	99.7	105.6	117.1	99.4	106.5	118.2	99.0	102.2	108.2
宜　　昌	99.3	104.7	115.2	99.2	103.2	115.0	99.1	103.7	113.0
襄　　阳	98.8	102.1	116.7	99.2	102.6	115.9	99.1	101.9	111.1
岳　　阳	100.0	104.7	121.7	100.1	105.0	123.2	100.0	104.1	119.8
常　　德	99.3	105.4	117.3	99.5	103.6	112.2	99.9	104.3	114.0
惠　　州	99.7	107.8	122.6	99.6	104.3	115.2	99.7	104.7	110.6
湛　　江	100.0	105.8	119.0	100.3	106.3	121.3	100.2	106.1	116.5
韶　　关	99.7	101.2	114.6	99.1	100.7	111.9	99.7	99.2	107.1
桂　　林	99.2	106.2	117.8	99.1	106.5	121.3	98.9	104.7	111.6
北　　海	99.6	105.6	112.5	99.3	106.0	114.2	99.2	104.6	107.3
三　　亚	99.9	104.4	107.7	99.8	104.5	108.3	100.0	104.3	106.7
泸　　州	99.2	106.1	113.4	99.1	106.6	114.7	99.6	106.1	113.4
南　　充	99.5	103.0	112.3	99.6	104.0	113.9	99.8	103.5	113.1
遵　　义	99.3	104.4	116.0	99.9	103.9	115.6	99.7	104.8	114.8
大　　理	100.3	103.8	107.7	99.9	104.0	107.5	100.0	103.9	109.8

表5：2014年6月70个大中城市二手住宅分类价格指数

城市	90m2及以下			90-144m2			144m2以上
	环比	同比	定基	环比	同比	定基	环比	同比	定基
	上月 =100	去年同月 =100	2010年 =100	上月=100	去年同月 =100	2010年 =100	上月 =100	去年同月 =100	2010年 =100
北　　京	98.8	104.7	119.2	98.7	104.9	117.1	98.7	104.6	114.4
天　　津	100.1	104.5	111.6	100.0	103.6	109.8	99.8	101.8	100.7
石 家 庄	100.1	102.4	101.8	100.0	102.4	102.8	99.9	102.0	96.7
太　　原	100.1	103.1	118.5	100.1	102.6	115.6	100.0	101.8	113.9
呼和浩特	99.6	101.3	107.4	99.8	101.5	108.2	99.6	100.2	104.6
沈　　阳	99.8	104.5	111.5	99.5	103.6	109.9	100.0	103.8	106.5
大　　连	99.5	100.7	107.9	99.7	99.3	106.7	99.7	102.5	110.7
长　　春	99.8	102.7	108.1	99.8	101.4	103.6	99.7	102.3	102.7
哈 尔 滨	100.0	104.2	104.5	100.1	104.7	105.5	99.7	102.1	102.5
上　　海	99.4	105.8	119.5	99.2	104.5	116.4	99.2	103.5	110.5
南　　京	99.8	105.4	106.0	99.9	103.6	105.0	99.5	104.3	110.3
杭　　州	99.1	99.6	97.4	99.3	98.3	95.6	98.5	94.2	85.9
宁　　波	99.4	100.6	96.0	99.5	100.5	94.6	98.6	100.3	93.5
合　　肥	99.9	106.7	110.9	99.4	105.3	107.5	99.6	107.2	106.3
福　　州	99.3	105.0	104.7	99.1	104.6	106.1	99.6	102.7	102.7
厦　　门	99.7	106.3	116.4	99.8	107.0	114.9	99.9	104.7	107.9
南　　昌	99.9	104.0	110.9	99.1	102.6	102.9	99.4	103.0	104.5
济　　南	99.6	101.7	103.7	99.7	102.5	107.6	99.9	102.8	110.1
青　　岛	99.7	102.8	104.6	99.5	99.9	102.0	99.5	99.7	102.5
郑　　州	100.1	107.8	116.0	99.9	106.8	113.2	100.1	105.4	112.9
武　　汉	99.5	104.3	111.1	99.7	104.8	112.0	99.5	104.5	108.3
长　　沙	100.1	102.7	108.8	100.0	104.8	110.4	100.1	105.8	109.3
广　　州	99.8	107.3	124.7	100.0	107.3	119.9	99.3	107.7	116.3
深　　圳	99.3	111.3	127.1	99.6	107.7	124.7	99.6	105.7	111.0
南　　宁	100.1	101.9	107.1	99.8	101.4	107.8	100.1	101.4	102.6
海　　口	99.6	100.0	95.2	99.5	99.9	95.0	99.7	98.6	93.4
重　　庆	99.6	102.7	102.8	99.5	102.1	106.4	99.0	100.7	107.6
成　　都	99.7	102.2	104.9	99.2	102.2	102.9	99.6	103.4	105.3
贵　　阳	100.1	107.2	121.0	99.9	103.7	116.8	100.2	104.7	120.3
昆　　明	100.1	103.2	118.1	100.1	103.9	115.6	99.7	101.7	113.6
西　　安	99.8	100.9	107.4	99.6	101.2	103.8	99.8	102.0	107.4
兰　　州	100.1	101.5	100.5	99.7	102.1	101.1	99.8	101.7	102.8
西　　宁	100.1	102.3	114.1	100.0	101.9	111.7	100.0	102.0	110.0
银　　川	100.0	105.6	112.4	100.0	106.1	113.3	100.2	105.5	113.0
乌鲁木齐	100.1	104.7	117.6	100.0	104.1	112.6	100.0	101.9	109.2
唐　　山	99.6	100.4	104.5	100.0	99.8	102.4	100.0	100.6	101.4
秦 皇 岛	99.1	98.3	103.3	99.3	98.5	99.5	99.4	99.6	101.4
包　　头	99.5	102.5	102.8	99.4	100.4	103.7	99.0	101.2	98.4
丹　　东	99.6	102.2	108.2	99.7	101.9	104.1	99.1	100.6	100.2
锦　　州	99.6	101.2	100.8	99.7	101.4	102.6	99.0	99.5	107.0
吉　　林	99.3	99.9	105.9	99.6	99.8	104.7	99.7	99.0	98.6
牡 丹 江	98.6	95.6	100.0	98.2	99.3	99.0	99.0	99.3	96.3
无　　锡	99.7	101.4	106.3	99.4	100.6	107.0	99.7	100.0	108.1
扬　　州	100.3	102.4	102.9	99.9	101.5	101.8	99.9	100.0	100.1
徐　　州	99.7	100.5	99.8	99.8	100.0	99.3	99.7	101.6	101.4
温　　州	98.6	91.3	80.9	98.8	92.0	78.2	98.9	87.9	75.3
金　　华	99.5	101.5	98.4	99.5	101.7	97.6	98.8	97.9	92.3
蚌　　埠	99.7	104.4	110.6	99.5	102.4	108.4	99.9	102.2	107.9
安　　庆	99.7	100.1	100.4	99.5	99.8	100.6	99.8	100.7	101.3
泉　　州	99.4	102.1	99.1	99.7	102.8	100.7	99.4	102.0	100.0
九　　江	99.5	101.2	104.8	99.8	101.1	102.5	99.6	97.7	103.9
赣　　州	99.8	99.3	99.6	99.5	100.7	100.2	99.5	99.0	98.3
烟　　台	99.7	102.9	106.4	99.7	104.3	106.6	99.9	102.5	99.9
济　　宁	99.6	101.2	111.5	99.7	101.2	107.4	99.5	97.3	102.7
洛　　阳	100.3	106.9	116.5	99.9	104.4	113.3	100.2	104.5	113.0
平 顶 山	100.1	104.3	117.3	99.9	103.6	110.1	100.1	102.2	101.1
宜　　昌	99.6	103.4	108.1	99.8	103.4	109.6	99.9	102.0	106.4
襄　　阳	99.4	102.1	117.0	99.7	104.5	117.0	99.8	102.1	112.3
岳　　阳	99.9	102.8	114.8	100.0	103.5	116.2	100.1	102.7	114.9
常　　德	100.0	102.4	118.2	99.9	102.3	116.1	99.9	102.3	107.9
惠　　州	99.4	104.4	113.1	99.7	105.3	110.1	99.8	104.4	113.5
湛　　江	99.9	103.2	111.3	99.6	103.6	114.1	99.9	101.3	108.3
韶　　关	99.7	101.8	107.3	99.0	101.2	111.6	99.2	101.2	105.8
桂　　林	100.2	101.9	106.5	99.8	101.5	106.6	99.4	100.5	102.4
北　　海	99.7	102.9	108.4	99.4	101.5	107.3	99.5	101.3	105.7
三　　亚	100.0	102.5	97.5	99.9	101.7	96.3	99.9	100.6	95.2
泸　　州	99.6	104.0	106.4	99.6	104.5	105.8	99.8	103.2	106.3
南　　充	99.9	103.0	106.8	99.7	103.5	106.2	100.0	103.1	106.0
遵　　义	100.1	103.2	110.7	100.0	102.1	114.0	100.0	100.3	111.2
大　　理	99.6	100.1	105.2	100.0	98.9	102.0	100.0	99.8	104.5