New | Shenzhen home prices rising after policy relaxation

Sellers of secondary homes in Shenzhen have raised asking prices and developers plan to launch more projects following the latest policy relaxation last week.

The city is China's best-performing housing market in recent months amid a nationwide downturn that began in February last year.

To stabilise the market and rein in the sharper-than-expected slowdown in the economy, the government last Monday cut down payments and transaction taxes in its strongest policy support since the global financial crisis to stimulate demand, particularly from those upgrading to larger and better homes.

"The policy now is the easiest since 2009 and the window to buy homes is gradually opening," said consultancy Midland Realty.

Its data showed 21 projects would come into the market this month, up from six in March.

Shenzhen-based China Vanke, the country's biggest homebuilder by sales, will launch the second phase of Vanke Plaza with an expected average asking price of 23,000 yuan per square metre, largely unchanged from the previous phase.