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June 16, 2020

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New home prices remain stable in China

New home prices in Chinese cities climbed at a faster pace in May due to the unleashing of pent-up demand that built up during the coronavirus outbreak, according to data released yesterday by the National Bureau of Statistics.

In the four gateway cities, new home prices rose by 0.7 percent from a month ago, accelerating from April’s 0.2 percent gain. Shanghai led with an increase of 0.8 percent, while Beijing, Guangzhou and Shenzhen recorded month-over-month increases of 0.5 percent, 0.3 percent and 0.6 percent respectively, according to the bureau, which monitors housing prices in 70 major Chinese cities.

In the pre-occupied housing market, prices in the four top-tier cities jumped 1.1 percent on average, unchanged from a month ago. They rose in Beijing and Shenzhen by 1.8 percent and 1.6 percent, while Shanghai and Guangzhou experienced milder gains of 0.6 percent and 0.4 percent.

In 31 second-tier cities and 35 third-tier cities, new home prices increased an average of 0.6 percent and 0.7 percent, both up by 0.1 percentage point from April. Prices of existing homes in second-tier cities advanced 0.4 percent, unchanged from April, and gained 0.3 percent in third-tier cities, accelerating from April’s 0.2 percent growth.

“The country’s residential property market remained generally stable last month with insignificant price increases recorded along with a continuous, orderly resumption of work and production in major cities across the country,” said Kong Peng, chief statistician at the bureau.

Nationwide, new home prices in Yinchuan in northwest Ningxia Hui Autonomous Region jumped 2.1 percent in May, the largest month-on-month increase, bureau data showed.

On a year-on-year basis, prices of new homes added 2.9 percent, 5.4 percent and 4.8 percent respectively in first-, second- and third-tier cities, compared to growth of 2.9 percent, 5.6 percent and 5.1 percent recorded a month earlier. In the pre-occupied market, they rose 4.1 percent, 2 percent and 2.1 percent in first-, second- and third-tier cities, compared with 3 percent, 2.2 percent and 2.4 percent respectively in April.

The improving momentum came with a nationwide recovery in sales.

Between January and May, more than 4.12 trillion yuan (US$580 billion) worth of new homes, excluding government-subsidized affordable housing, were sold around the country, a year-on-year drop of 8.4 percent but continuously improving from the 16.5 percent decrease registered in the first four months.


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