New home prices across China’s four first-tier cities climbed an average of 0.1 percent in June, marking a fourth consecutive month of gains and underscoring a gradual revival in market sentiment as government stabilisation measures gain traction.
Compared with May, values edged up 0.3 percent in both Shanghai and Shenzhen and rose 0.2 percent in Guangzhou, according to data released Wednesday by the National Bureau of Statistics. Beijing was the sole exception, posting a 0.3 percent monthly decline.
Among the 70 large and medium-sized cities tracked nationwide, 20 recorded month-on-month increases, up from 16 in May and the highest tally since May last year, the bureau reported.
On an annual basis, first-tier prices fell an average of 1.3 percent last month, narrowing the decline by 0.4 percentage points from May. Shanghai was the only city to register a year-on-year gain, rising 3.1 percent. Beijing, Guangzhou, and Shenzhen saw prices drop 2.1 percent, 2.6 percent, and 3.6 percent respectively, though the pace of decline eased in Guangzhou and Shenzhen.
After years of sustained adjustments, the market has built up ability for self-repair
“The decline has narrowed for two consecutive months on a year-on-year basis,” said Yan Yuejin, vice-president of the Shanghai-based property consultancy E-house China Research and Development Institute. “This indicator better captures the fundamental shifts in the property market, and signals that after years of sustained adjustments, the market has built up ability for self-repair.”
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