China home prices rise in fewer cities after more curbs imposed

New-home prices fell in eight cities in China and were unchanged in four, according to the National Bureau of Statistics.
New-home prices fell in eight cities in China and were unchanged in four, according to the National Bureau of Statistics.PHOTO: REUTERS

SHANGHAI (BLOOMBERG) - China home-price growth eased last month after authorities imposed stricter restrictions on property purchases.

New-home prices, excluding government-subsidized housing, gained last month in 58 of the 70 cities tracked by the government, compared with 62 in March, the National Bureau of Statistics said on Thursday (May 18). Prices fell in eight cities and were unchanged in four, the data showed.

Chinese authorities stepped up curbs in a string of large cities last month to rein in home prices, after a resurgence in demand the previous two months as buyers tried to beat tougher restrictions. Chengdu, the provincial capital of Sichuan last month raised down-payment requirements for second properties, having initially introduced curbs at the end of March.

Home sales also tapered off last month. New home sales by value rose 8 per cent to 855 billion yuan (S$172.7 billion) from a year earlier, the smallest gain since March 2015, according to Bloomberg calculations based on data released Monday by the National Bureau of Statistics.