China's April new home prices rise at faster pace, defying curbs

New-home prices across 70 cities tracked by the government gained 0.57 per cent from a month earlier.
New-home prices across 70 cities tracked by the government gained 0.57 per cent from a month earlier.PHOTO: BLOOMBERG

BEIJING (BLOOMBERG) - China's home prices gained at the quickest pace in 10 months in April even as the government pressed ahead with a two-year campaign to curb property speculation.

New-home prices across 70 cities tracked by the government gained 0.57 per cent from a month earlier, according to Bloomberg calculations based on Wednesday's data from the National Bureau of Statistics. That compared with a 0.42 per cent increase in March.

Local officials are trying to tame prices without causing any excessive slowdown in demand. Cities have been quick to roll out new restrictions after any signs of resurgent buying and some are offering subsidies to try to expand the rental market. Six Chinese cities, including southern Foshan and central Chengdu, have stepped up property-related restrictions after the housing ministry reiterated the central government's priority to stabilize property markets.

The faster pace of price gains add to mixed signs for the market after home sales grew at a weaker pace in April, according to separate official data on Tuesday.