Momentum of China Home Price Gains Slows in July

Xavier Trudeau
Août 19, 2017

House prices in majority of the Chinese cities increased in July, figures from the National Bureau of Statistics showed Friday.

Prices of new homes fell 0.2 per cent last month compared with June in Shenzhen, declining 0.l per cent in Beijing, while prices remained unchanged in Shanghai.

Smaller cities were bright spots of growth for home prices and sustained vibrancy there could help prevent a sharp contraction in the broader property market. The city of 5.4 million people saw July prices rising 1.3 per cent from a year earlier, the fastest pace among 70 cities, faster than the 1 per cent annual gain in June.

In larger cities however, families are less likely to buy amid tougher credit lending and home-purchase restrictions.

Compared with a year ago, new home prices rose 9.7 % in July, slowing from a 10.2 % gain in June, Reuters calculated from National Bureau of Statistics (NBS) data out on Friday.

The highest rise in house prices was noted in North Sea, by 1.5 percent and the steepest decline was seen in Anqing, by 0.3 percent.

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