China home prices rise for 2nd month in July

The average home price in China’s 100 major cities edged up in July for the second consecutive month, reinforcing signs of a recovery in the property market even as the government seeks to spur broader economic growth, a private sector survey showed on Wednesday.

The average price of 8,717 yuan (S$1,700) per square metre in the 100 cities surveyed was 0.33 per cent higher than June, accelerating from June’s month-on-month increase of 0.05 per cent, the China Real Estate Index System (CREIS) said.

The data added to evidence that the property market is getting support from monetary policy easing and local governments which have tried to get around national property curbs that Chinese leaders have vowed to maintain.

The central government has sent eight “inspection teams” to top cities to check whether local governments are enforcing property curbs in late July.

But home prices in the 100 cities were still down by 1.77 per cent in July from a year earlier, marking the fourth year-on-year fall since June last year when CREIS first began calculating the year-on-year change.

The average home price in China’s top 10 cities, including Beijing and Shanghai, rose 0.27 per cent from June but was down 2.32 per cent year-on-year, the survey showed.

The Chinese government is due to publish data on home prices in 70 major Chinese cities for July on August 18. Home prices broke eight consecutive months of decline in June, official data showed.

Source Today – 2012 Aug 1

 

 

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