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Home prices continue to rise in China

By Cherry Cao | July 1, 2016, Friday | Online Edition

HOME prices in China kept heading north in June despite a slower pace, the China Index Academy said in a report released today.

The average cost of a new home rose 1.3 percent to 11,816 yuan (US$1,773) per square meter from a month earlier, said the academy, which tracks market activity in 100 cities around the country. It climbed 1.7 percent in May and 1.45 percent in April.

Nationwide, prices gained in 73 cities, fell in 22 cities and remained unchanged in five. Of the gainers, 30 cities recorded a month-on-month rise of above 1 percent, up from 29 cities in May.

Nanjing in Jiangsu Province led all with a monthly increase of 3.82 percent, followed by Xiamen in Fujian and Jiaxing in Zhejiang. Among the four first-tier cities, Shenzhen posted the largest gain of 1.97 percent, trailed by Beijing, Shanghai and Guangzhou, where new home cost climbed 1.96 percent, 1.17 percent and 0.53 percent, respectively, from May.

In the country's 10 largest cities, new home cost advanced 1.52 percent from a month earlier to 22,450 yuan per square meter, decelerating from a 1.93-percent gain in May.

"With several key cities introducing more tightening measures to cool the overheated housing market, the average new home price in the country's 100 cities will likely slow down further," the academy said. "

On an annual basis, the average cost of a new home rose 11.18 percent in June, continuously accelerating from a 10.34 percent increase in May and a 8.98 percent gain in April.

Prices gained in 59 cities from a year ago, compared to 54 cities in May. Shenzhen continued to lead with an annual growth of 51.95 percent, the academy said.

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