China home prices gain in May 

Dhaka,  Sat,  24 June 2017
Published : 19 Jun 2017, 11:01:23
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China home price growth remains robust in May

China home prices gain in May 
Prices in China's sizzling property market kept pace in May with the previous month, indicating resilient demand despite the imposition of tougher official measures to curb surging prices.

Firm price gains highlight the challenge Chinese authorities face in taming an overheating market without disrupting the economy, in which real estate is a major driver of growth, reports Reuters.

Average new home prices in China's 70 major cities rose 0.7 per cent in May from the previous month, in line with April, Reuters calculated from an official survey out on Monday.

Compared with a year ago, new home prices rose 10.4 per cent in May, easing from a 10.7 per cent gain in April, Reuters calculated from National Bureau of Statistics (NBS) data.

Prices for new homes in China's biggest cities such as Beijing and Shanghai stopped climbing in May on a monthly basis, while prices fell 0.6 per cent in Shenzhen, the fastest seen in three months.

Central bank data published last Wednesday showed home loans expanding even as policymakers struggled to rein in riskier borrowing without impeding economic growth.

Household loans, mostly mortgages, rose to 610.6 billion yuan in May from 571 billion yuan in April, accounting for 55 per cent of total new loans last month, up from 52 per cent in April, the data showed.
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