Home prices across China’s major cities grew at a slower rate than in July versus the previous month, with property investment also seeing a year-to-date slowdown.
- Average new home prices across 70 major cities climbed 0.3% in July, down from the 0.5% increase in June.
- Prices in major cities such as Shanghai and Beijing grew by 0.4%, slower than June’s 0.7%.
- Prices in tier-two cities that cover provincial capitals increased by 0.4% versus June’s 0.5%.
- Tier-three cities posted a 0.2% month-on-month increase, down from 0.3% in June.
- Year on year, China’s home prices increased by 4.6% in July from 4.7% in June.
- Prices posted a sharp rebound following the COVID-19 crisis in 2020, prompting authorities to step up curbs this year.
- Restrictions imposed include capping borrowing by developers, lending to the property sector, urging lenders to hike mortgage rates and a crackdown on illegal funding.