Update | China home prices gain in June despite curbs
New home prices rose on a monthly basis in 60 out of 70 cities tracked by the government
Home price growth in China posted the first uptick in June since March, defying Beijing’s tightening measures to cool the sizzling property market.
New home prices rose on a monthly basis in 60 of the 70 cities tracked by the government, up from 56 in May. Six cities saw declining prices, down from nine in May, the National Bureau of Statistics said on Tuesday.
Price rises in most cities contrasted starkly with those in the biggest cities, where prices fell on a monthly basis.
New home prices in Beijing posted the largest month-on-month decline – 0.4 per cent – among 15 major cities closely monitored by the statistics bureaus.
In Shanghai prices edged down 0.2 per cent.
The data is the latest evidence that tougher market restrictions introduced by local governments since March has failed to tame the largest part of China, though it is not clear if the June uptick would be sustainable.