May home prices rise in fewer cities amid slower sales
China’s home prices rose in fewer cities in May than the previous month, with gains in some second-tier locations surpassing those in Shanghai and Shenzhen.
New-home prices excluding affordable homes climbed in 60 cities, down from 65 in April, among the 70 tracked by the government, the National Bureau of Statistics said Saturday. They dropped in four places, compared with five a month earlier, and were unchanged in six.
The recovery in home prices abated as local governments encouraged curbs in top economic centers like Shanghai and Shenzhen where prices have been surging, while they deployed home-buying stimulus in smaller cities to clear a glut of unsold residences.
New home sales in May rose at the slowest pace this year, and property investment slowed, indicating developers are cautious about how long the current revival will last, UBS Group AG chief China economist Wang Tao wrote in a June 16 report. Bloomberg
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