New Home Prices Rise 0.6% Higher in June, Slowing Down From May
According to data released by the National Bureau of Statistics, new home prices in China rose 0.6% MoM during June, coming in slightly lower than the 0.7% rise registered in May. The trade war sentiment continues to dominate all sectors of the Chinese economy, and it looks like it has made an impact on the housing market as well.
On average, new home prices in 70 leading cities in the country have climbed 10.3% higher YoY in June. In May, this figure stood at 10.7%. Another possible reason for the slower rise in prices is the government’s attempt to curb speculative buying in this sector.
While credit conditions have been easing, the Chinese government has tightened financing options for property developers. In addition, some local governments have also made it harder for buyers to purchase new homes to curb speculative buying.
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