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China's May home prices up 0.7% month on month, touch ahead of April; rise 10.7% year on year

China's May home prices up 0.7% month on month, touch ahead of April; rise 10.7% year on year
FILE PHOTO: A woman rides a tricycle carrying a child near a residential compound in Beijing's Tongzhou district, China, February 25, 2016. REUTERS/Jason Lee -
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Jason Lee(Reuters)
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BEIJING (Reuters) – China’s new home prices rose 0.7% month-on-month in May, picking up the pace slightly from a 0.6% gain the previous month, Reuters calculated from National Bureau of Statistics (NBS) data published on Tuesday.

On a yearly basis, average new home prices in China’s 70 major cities increased 10.7% in May, unchanged from the growth rate in April.

China’s real estate market has shown signs of resurgence in recent months as some smaller cities quietly loosened curbs, and confidence has been lifted by Beijing’s call on banks to beef up lending and lower interest rates.

But a broader economic slowdown means the rebound might not be sustainable, some analysts caution, while official purchase restrictions in most cities are also expected to remain in place.

China’s property investment growth cooled in May and sales saw their biggest decline since October 2017, suggesting the frothy housing market may not be able to cushion the effects of a slumping manufacturing sector and intensifying trade tensions.

(Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam)

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