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July 19, 2017

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New home prices post slower annual growth

NEW home prices in 15 Chinese cities continued to post slower year-on-year growth in June as several rein-in measures to quell speculation remained in place, data released yesterday by the National Bureau of Statistics showed.

The 15 cities, including four first-tier and some key second-tier ones, saw year-on-year price growth decelerate by 0.8-5.5 percentage points compared with May, according to the bureau, which monitors prices in new and pre-owned home markets in 70 major cities.

New home prices in six cities posted gains, flat from May and April, on a monthly basis. Guangzhou, capital of Guangdong Province, saw new home prices rise 0.5 percent, the largest monthly hike among all gainers.

“For nine consecutive months, prices of new and pre-occupied homes in first-tier cities recorded slower year-on-year growth,” said Liu Jianwei, a senior statistician at the bureau.

“On a month-over-month basis, prices of new and pre-occupied homes in the four gateway cities fell by 0.1 percent and 0.2 percent, respectively.”

In second-tier cities, year-on-year price growth of new homes dropped for the seventh straight month in June and price growth of pre-owned homes shed for the fifth consecutive month, the bureau’s data showed.

In Shanghai, new home prices shed 0.2 percent from May and gained 10 percent from same period of last year, the bureau said.

Nationwide, new home prices in 60 of the 70 cities saw monthly increases in June, up from 56 cities in May. Six cities saw price drops and the remaining four saw no changes from a month earlier.

“More cities saw price rise though the overall pace of growth moderated following stricter restrictions in many cities,” said James Macdonald, head of China research at Savills, a global property advisor.

“If this trend persists, the likelihood of new highly restrictive policies should decrease though fine tuning of existing policies may continue.”

On average, new home prices in the 70 tracked cities added 0.7 percent in June, the 26th straight month-on-month gain. That compared with a 0.75 percent rise in May, the Savills data showed.


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