China’s big city property markets cool down
Home prices in Beijing fell for the first time in more than two years in June, while there were further declines in Shanghai and the Shenzhen market stalled
Beijing — Home property prices in Beijing fell for the first time in more than two years in June, while Shanghai further declined and Shenzhen stalled, pointing to significant cooling in China’s biggest real estate markets, official data showed. Nationwide, home price growth slowed slightly in June as government efforts to keep prices in check weighed on larger cities, although smaller cities maintained rapid growth. People in the industry expect home prices in China’s largest cities to stay on a mild slowing trend for the next 12 months. In June, average new home prices in China’s 70 major cities rose 10.2% from a year earlier, decelerating from May’s 10.4% gain, according to Reuters calculations based on an official survey out on Tuesday. On a monthly basis, new home prices rose 0.7% in June, the same as the previous month’s reading, Reuters calculations based on data issued by the National Bureau of Statistics (NBS) showed. "China’s 15 hottest property markets, mostly first- and ...
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