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May 17, 2019

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Home prices rise across China

Prices of both new and pre-occupied homes in cities across China continued to rise in April at a moderate pace.

Average new home prices in China’s 70 major cities rose 0.6 percent in April, unchanged from the pace of growth in March, according to Reuters calculation of data released by the National Bureau of Statistics yesterday.

On the whole, it logged the 48th straight month of price increases. Most of the 70 cities surveyed by the NBS still reported monthly price increases for new homes and the number was up to 67 from 65 in March, signalling to broaden strength in the market.

On an annual basis, home prices rose 10.7 percent in April, picking up from a 10.6 percent gain in March.

In the four first-tier cities on a month-over-month basis, new home prices climbed an average 0.6 percent last month, accelerating from 0.2 percent growth in March. Prices gained 0.5 percent, 0.3 percent, 1.1 percent and 0.4 percent, respectively, in Beijing, Shanghai, Guangzhou and Shenzhen.

In the existing housing market, prices in the four cities advanced an average 0.4 percent, up 0.1 percentage point from March.

Prices rose 0.6 percent, 0.5 percent and 1.1 percent in Beijing, Shanghai and Shenzhen, respectively, and shed 0.4 percent in Guangzhou, according to the bureau.

In 31 second-tier cities, new home prices rose an average 0.8 percent last month, compared with 0.6 percent in March. Prices of preoccupied homes jumped 0.6 percent, easing from 1.2 percent growth in March.

In even smaller third-tier cities, new home prices edged up to an average 0.5 percent from a month ago, easing by 0.2 percentage point from March. Prices of existing homes in the 35 cities increased 0.6 percent, compared with a 0.5 percent rise in March.

Big gains in Qinhuangdao

Countrywide, new home prices in Qinhuangdao, in northern Hebei Province, recorded the biggest month-over-month increase of 1.8 percent.

On a year-on-year basis, prices of new homes in first- and second-tier cities both rose at a faster pace in April. They climbed 4.7 percent and 12.3 percent, respectively, up 0.5 percentage point and 0.1 percentage point from March. In third-tier cities, they gained 11.3 percent, compared with 11.2 percent growth in March.

In the preoccupied residential market, prices climbed 0.8 percent, 8.3 percent and 8.4 percent in first-, second- and third-tier cities, respectively, compared with 0.5 percent, 8.2 percent and 8.4 percent growth registered a month earlier, the bureau said.

Beijing has repeatedly called on local governments to take more responsibility in keeping the frothy market under control. Zhang Dawei, an analyst with property consultancy Centaline said the government is unlikely to allow unfettered gains in the property market.


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