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  HOME | Business & Economy (Click here for more)

Home Prices Go Up in 58 of 70 Major Chinese Cities

BEIJING Home prices in April rose in 58 of the 70 largest cities in China with respect to the same month in 2016, the National Bureau of Statistics said on Thursday.

The figures indicate some slowing down as the number of cities with rising home prices is lower than in March (62), while in 30 of the monitored cities the year-on-year growth was lower than the previous month.

Moreover, housing prices in April, as compared to those in March decreased in 31 of the 70 cities, official agency Xinhua reported.

The slowing down seems to indicate that the measures taken by the government to cool the real estate market many of them launched last month are beginning to take effect, according to analysts.

Home prices in Shenzhen, one of the cities where demand has caused major price bubbles, remained unchanged in April with respect to March, while in Beijing, where the authorities increased down payment requirements for those buying a second home, fell slightly by 0.2 percent.

In Shanghai, where the practice of redeveloping commercial areas into residential ones was halted, housing prices fell 0.2 percent in April.

 

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