China’s average new home prices in 70 major cities increased by 0.3% in July from a month earlier, slowing from a 0.5% gain in June.
CSI 300 Index down -0.099%, CNY USD up +0.06%
Separate figures revealed property investment also increased at a slower rate in the January-July period from a year earlier, amid the tightening of financing regulations.
China’s property market recovered quickly from the Covid-19 pandemic last year, raising concerns about financial risks in an overheated market.
The sales price of newly-built commercial housing and second-hand housing in numerous cities have declined month-on-month. The sales price of newly-built commercial residential businesses in first-tier cities increased by 04% month-on-month.
In July, the sales prices of newly-built commercial housing and second-hand housing in all cities increased by 6.0% and 10.0% YoY, respectively.
The sales price of newly built commercial housing in the second-tier increased by 4.7% YoY, which was 0.1% lower than the previous month. The housing price growth is anticipated to continue softening as the credit policy returns to normal.