高力国际2010年5月上海楼市观察【精品资料】.pdfVIP

Market Update May 2010 市场观察 2010 5 月 Highlights 市场要点 Further tightening measures on the residential market 4 中楼市从紧政策促使市场形势急转而下。成交量大幅下 announced in mid-April spurred a turnaround in market 滑，而价格则仍在高位徘徊。 sentiment. Transaction volume fell sharply yet with prices still hovering at high level. Exuberance in the land sales market was apparently arrested. 火爆的土地市场已然被控制。上海土地价格显然已回归到更 Land prices in Shanghai apparently returned to a more 加合理的水平。 sustainable level. Investment sales market in Shanghai was little impacted by 楼市调控对房地产投资市场影响有限。 the tightening. RESIDENTIAL MARKET RESIDENTIAL MARKET 住宅市场 住宅市场 As high home prices linger despite the tightening measures 虽然年初楼市从紧政策频出，但房价却未有松动，中央政府 put on board since early 2010, a new round of tightening 在4 月中密集出台了更为严格的调控措施以遏制投资和投机 policies was issued by the central government in mid-April to 性需求。4 月住宅成交经历了先扬后抑的过程，价格则保持 curb investment and speculative demand. In response, 坚挺， 70 大 中城市房屋价格指数 同比增幅继续扩大至 transaction volume eased back towards end-April, after the pick-up in 1H April. Meanwhile, home prices continued to firm 12.8%，再创2005年以来新高。迄今为止楼市调控仍主要体 up. The price index of 70 middle-sized to large cities surged 现在成交量下 ，然而伴随调控政策的逐步深化，开发商最 by 12.8% YoY in April, the highest growth since record began 终面临现金流压力，房价将进入下行通道。 in 2005. Hitherto, market adj ustment has mainly been reflected in a fall in sales volume. Should the tightening measures deepen, and that developers will eventually face mounting press