NewChina's new home prices rebound but sales momentum fizzles
Sales momentum fizzles amid hopes for further easing from Beijing
New home prices picked up last month in seven of the 10 key Chinese cities tracked by the SCMP-Creda index, but the increase in sales moderated, showing the recovery under strong policy support is still tentative.
Nanjing, the capital of Jiangsu province, led the gainers with a price increase of 12.7 per cent from March. It was followed by a jump of 8.28 per cent in Chongqing and a gain of 7.55 per cent in Chengdu, Sichuan province.
Prices grew 5.17 per cent in Shanghai and 1.71 per cent in Shenzhen.
However, prices declined 1.03 per cent in Guangzhou, 0.43 per cent in Beijing and 0.34 per cent in Hangzhou, Zhejiang province.
"A silver April came as expected," said Chen Sheng, the dean of the China Real Estate Data Academy, the partner of the South China Morning Post for the index.
"The recent policy relaxation has driven home the government's eagerness to support the property market. Hence expectations for further easing are maintaining the strong wait-and-see sentiment and have compressed any significant sales recovery."
