NBS Announces Overhaul of Property Price Index

The National Bureau of Statistics announced Wednesday morning that it will stop issuing its national index of property prices, and instead, release an index comprising of separate statistics for each of the 70 cities.

According to the NBS, the following adjustments will be made to the property index.

First, the NBS will rely on property registries kept online instead of local surveys. Beginning with 35 cities, it will gradually build up a price index for all 70 major cities. The new method for data collection is expected to better reflect changes in local property prices.

Second, the new index will include a new method of calculation for the sales index for new homes and existing homes.

Third, housing will also be divided into three categories according to size: properties under 90 square meters, properties between 90-144 square meters, and properties above 144 square meters. New homes will be divided into two categories, “low-cost” homes, and private-sector homes.

Lastly, the index will be released on the 18th of every month and the national average will no longer be released.

The NBS index has been a key indicator in determining trends in the property sector, but had been widely criticized for its lack of transparency. It is unclear whether the adjusted index will be a more accurate reflection of the property sector.

Lins and Sources:

The Beijing News: 统计局不再发布房价涨幅平均数 (Chinese)