China’s new home prices in July rise at fastest pace in nearly two years
Homebuyers faced higher prices in July in a record 65 cities of the 70 cities surveyed by the government, with tourist destination Sanya posting the highest monthly jump at 3.7 per cent
China’s new home prices grew at the fastest clip in 22 months in July, despite efforts by authorities to cool off the property market.
The overall rate of increase in 70 cities surveyed by the government was 1.21 per cent in July from the previous month. That was the highest rate of increase since September of 2016, when the month-on-month increase was 1.8 per cent, according to analysis by Bloomberg of data released on Wednesday by the National Bureau of Statistics.
Homebuyers faced higher prices in a record 65 cities of the 70 surveyed cities in July over the previous month. That surpassed the previous record of price jumps in 63 of the 70 cities in June, according to the statistics bureau.
All first-tier cities posted month-on-month price gains in July except for Shanghai, where prices edged down 0.1 per cent.
Prices also slipped in Nanjing and Quanzhou, and remained flat in Tianjin and Xiamen.
The biggest month-on-month increase was recorded in Sanya in Hainan Island, sometimes called “China’s Hawaii” because of its luxury resorts, beaches and coral reefs. Prices in Sanya jumped 3.7 per cent in July from the month before. Jinan, the provincial capital of Shandong, recorded the second-biggest jump, at 3 per cent over June.
