China’s property segment continued to revive in April, with more cities registering month-on-month increases in new home prices, as the latest reports have revealed. Of 70 large and medium-sized cities surveyed in April, new home prices climbed month on month in 65 cities, up from 62 in the previous month, the National Bureau of Statistics (NBS) said. According to a Bloomberg calculation, house prices in the city of Hefei, located in the Anhui province, rose 5.7 percent over the past month – the fastest among the 70 cities tracked.
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Compared with the same month of a year ago, house prices grew in 46 cities out of the 70 cities in April, while it dropped 23 cities and remained flat in 1 city.
April was the first month after Shenzhen and Shanghai tightened homebuying restrictions, including raising the down payment ratio and introducing more stringent requirements for non-local homebuyers, which cooled the market substantially in these cities. Home prices in 46 cities are higher than a year ago.
New home prices rose in more mainland Chinese cities in April, with gains in smaller urban centres outpacing first-tier cities such as Beijing and Shanghai, according to official data released on Wednesday.
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The price growth was driven by looser lending policies, including low interest rates and transaction taxes, that helped spur sales beyond the top-tier cities of Beijing, Shanghai and Shenzhen. Shenzhen’s price gain fell from 3.7% in March to 2.3%.
