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More cities see house price rise in May

THE number of Chinese cities seeing house price increases rose again in May with first-tier cities continuing to lead gainers, official data released today by the National Bureau of Statistics suggest.

Month-over-month increases in new home prices were registered in 20 cities last month, compared to 18 in April. Prices remained flat in seven and dropped in the rest 43, compared to four and 48 in April, the statistics bureau, which tracks house prices in 70 major cities across the country, said.

"Average price of new homes in the 70 cities rose at a faster pace in May, mainly fuelled by notable gains recorded in first-tier cities,"  said Liu Jianwei, a senior statistician at the bureau. "And we've seen even more divergent performances in different-tier cities with generally stable prices in second-tier ones and further declines in the majority of tertiary cities."

Among the four gateway cities, Shenzhen in southern Guangdong Province saw a phenomenal month-on-month growth of 6.7 percent, the fastest among the 70 cities. It was followed by a 2.6 percent gain in Shanghaim which was a 27-month high for the city, and a 1.4 percent rise in both Beijing and Guangzhou, according to the bureau's data.

"Loosening policies introduced by the government a few months ago, coupled with speculations that Shenzhen could become the fifth municipality in the country, jointly lifted transactions there while robust sales in the luxury segment, or a structural shift, led to the rather significant growth in Shanghai," said Lu Qilin, a researcher at Shanghai Deovolente Realty Co.   

In the existing home market, 37 cities recorded price increases from a month earlier, an increase of nine from April. Five cities saw prices remain unchanged while another 28 suffered setbacks, compared to eight and 34, respectively, in the previous month, the bureau said.

On an annual basis, prices continued to drop in all cities except Shenzhen, where a 7.7 percent annual rise was recorded for new homes. In the existing home market, meanwhile, Shenzhen, Beijing and Shanghai were the only three gainers, where prices rose 9.1 percent, 3.5 percent and 0.6 percent, respectively, from same period a year ago, the bureau said.




 

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