Thursday, October 21, 2021
Home Business China's new home prices grow slightly in May By Reuters

China’s new home prices grow slightly in May By Reuters


© Reuters. FILE PHOTO: Apartment blocks are pictured in Beijing, China December 16, 2017. REUTERS/Jason Lee

BEIJING (Reuters) – New home prices in China rose in May at the same pace as in April, official data showed on Thursday, as a raft of government measures to cool the market began to bite.

Average new home prices in 70 major cities grew 0.6% in May, unchanged from April, according to Reuters calculations based on data released by the National Bureau of Statistics.

On a year-on-year basis, new home prices rose 4.9%, slightly faster than a 4.8% rise in April.

Real estate, a vital source of growth for China’s economy, has bounced back quickly from the COVID-19 crisis. But a relentless rise in home prices, particularly in big cities, has raised concerns about overheating.

Chinese property prices have risen quickly this year, even as the government took a series of measures to cool the market, including stricter rules for home buyers, curbing loans to developers and guiding banks to increase mortgage rates.

The NBS data showed 62 cities reported monthly gains in May, with the number unchanged from the tally in April.

New home prices quickened slightly in tier-1 cities, while growth flatlined in tier-2 and 3 cities.

Earlier this week, data showed China’s real estate investment rose in May at its weakest clip this year as policy tightening on developers’ financing and mortgages gradually kicked in, although growth stayed resilient.

China’s home prices are expected to grow 5% this year, according to a Reuters poll of analysts in June, up from a forecast for a 3.3% gain in a similar survey in February.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

RELATED ARTICLES

India is close to turning the pandemic tide: Poonawalla

The country had administered 87.60 crore doses of SII’s Covishield Covid-19 vaccine till Wednesday.Adar Poonawalla, CEO of Serum Institute of India (SII), expects...

Amy Roloff Reveals Loss of Beloved Rescue Dog: “I’m Still So Sad”

Amy Roloff has shared some tragic news with her followers. Last month, just two days before one of the happiest days of her life,...

Josh Duggar Suffers ANOTHER Legal Setback as Judge Allows Video Evidence to Be Presented In Court

From the moment that Josh Duggar was arrested on child pornography charges back in April, the former reality star's guilt seemed obvious to...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

India is close to turning the pandemic tide: Poonawalla

The country had administered 87.60 crore doses of SII’s Covishield Covid-19 vaccine till Wednesday.Adar Poonawalla, CEO of Serum Institute of India (SII), expects...

Amy Roloff Reveals Loss of Beloved Rescue Dog: “I’m Still So Sad”

Amy Roloff has shared some tragic news with her followers. Last month, just two days before one of the happiest days of her life,...

Josh Duggar Suffers ANOTHER Legal Setback as Judge Allows Video Evidence to Be Presented In Court

From the moment that Josh Duggar was arrested on child pornography charges back in April, the former reality star's guilt seemed obvious to...

Danielle Staub Claims She Was Danielle STABBED by Teresa Giudice

Despite leaving the franchise years ago, Danielle Staub has had a lot to say about her time at Bravo. She's taken shots at Andy...

Recent Comments