Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

China's new home prices rise for third month in May - private survey

06/01/2021 | 05:51am EDT
A woman walks past a residential compound in Beijing's Tongzhou district

BEIJING, June 1 (Reuters) - New home prices in China rose in May, extending the uptrend for a third month with the heat spreading to more cities as developers made faster sales, a private survey showed on Tuesday.

New home prices in 100 cities rose 0.34% in May from a month earlier, quickening slightly from 0.23% in April, according to data from China Index Academy, one of the country's largest independent real estate research firms.

The number of cities that reported monthly price rises picked up to 80 in May from 77 in April, with small cities in the Yangtze River Delta showing the greatest strength.

"The volume of new residential home projects supplied by developers remained elevated in May," said China Index Academy Research Director Cao Jingjing.

Cao added property owners looking it buy a larger home have led demand for new projects, fuelling price gains.

Prices of second-hand homes rose 0.5% in May from previous month, unchanged from the pace in April. Existing home prices in tier-1 cities ticked up 0.95% on-month in May, with the pace more than doubling the average growth in other lower tier cities.

Separatelya private survey published on Tuesday showed that China's average home rental prices in large and medium-sized cities in May rose 0.78% month-on-month, the biggest increase since January 2019.

Against a year ago, rents fell 0.61% in May, the smallest decline since May 2020, as a vast number of college graduates led to a surge in rental demand, the Chinese property data provider Zhuge House Hunter said.

Chinese authorities have since this year intensified their campaign to rein in the relentless rise in home prices and drive speculators out of the market. Local policies include capping prices set by developers and preventing some real estate agencies from setting excessively high second-hand home prices. Banks in major cities also hiked mortgage rates.

Transactions in 18 major cities tracked by the institute remained flat in May compared with April, with tier-1 cities logging 20% drop while tier-3 towns seeing 33% rise.

Land sales by volume in 300 cities fell 12% in May from April, and declined 19% on an annual basis, CIA data showed. (Reporting by Lusha Zhang and Tony Munroe; Additional reporting by Liangping Gao; Editing by Simon Cameron-Moore)

ę Reuters 2021
Latest news "Economy & Forex"
02:29aTOYOTA MOTOR : posts record profit but cautious on outlook as chip crunch weighs
02:28aSatellite firm SES lifts full-year outlook after first-half beat
02:26aLEBANON : 365 Days Later, Every Day Counts
02:25aAsian shares shrug off Delta woes to hit 1-week highs
02:11aLondon copper rises on weak dollar, virus concerns dent demand outlook
02:05aBnp paribas china says granted custodian license for china's qualified foreign investor scheme
01:56aJobs jump lifts kiwi; dollar waits for payrolls
01:53aThales to sell signalling business to Hitachi in $2 billion deal
01:52aJobs jump lifts kiwi; dollar waits for payrolls
01:42aSpain's La Liga agrees to sell 10% stake to CVC - NYT
Latest news "Economy & Forex"