China’s new home prices rise at slightly faster pace in June – private survey

Apartment buildings are pictured in Beijing, China December 16, 2017. Picture taken December 16, 2017. REUTERS/Jason Lee

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BEIJING, July 1 (Reuters) – New home prices in China rose at a slightly faster pace in June compared with the previous month, a private survey showed on Friday, prompted by a series of policy easing measures taken by the government. small and medium towns to stimulate demand.

New home prices in 100 cities rose 0.04% from 0.03% in May, according to data from a survey by China Index Academy, one of the country’s largest independent real estate research companies. .

China’s depressed property market has shown signs of improvement in recent weeks. Stimulus measures this year have focused primarily on helping homebuyers, including grants, small down payments and easing on home purchases.

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Leading homebuilder China Vanke Co (000002.SZ) said this week the housing market hit a short-term bottom, with sales surging month-on-month in June, helped in part by pent-up demand after months of COVID -19 restrictions. But President Yu Liang warned the recovery would be slow and moderate.

Of the 100 cities surveyed by the research firm, 47 cities reported month-over-month price growth, up from more than 40 cities in May.

Prices in Tier 2 cities, including provincial capitals, rose 0.14%, after rising 0.07% in May. Xian, the capital of the northwest province of Shaanxi, recorded the highest growth of 0.68%.

“Local governments are likely to pursue implementation of city-specific policies,” such as better conditions for households with more than one child, the Academy said.

“The real estate market is expected to rebound in the second half of the year as homebuying confidence gradually recovers on the back of easier COVID-19 stimulus and reduction measures.”

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Reporting by Liangping Gao and Ryan Woo; Editing by Kim Coghill

Our standards: The Thomson Reuters Trust Principles.

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