Prices of new homes in Chinese cities edging up 5.8% in April

Prices of new homes in China’s 70 large and medium-sized cities continued to rise in April, the country’s National Bureau of Statistics said on Monday.

The year-on-year price rise of newly built homes in all tiers of Chinese cities continued to expand in April. The sales prices of new commercial residential buildings in first-tier cities rose 5.8 percent year-on-year, an increase of 0.6 percentage points from the previous month, while the price of second-hand housing increased by 11.3 percent year-on-year.

The prices of new commercial housing in second-tier cities and third-tier cities rose by 4.9 percent and 3.9 percent year-on-year, respectively, the bureau said.

According to estimates, the sales price of newly built commercial and residential buildings across China’s four first-tier cities – Beijing, Shanghai, Shenzhen and Guangzhou — rose by 0.6 percent month-on-month in April, an increase of 0.2 percentage points higher than the previous month, said the statistics bureau.

Sales prices for new commercial housing and second-hand housing in 21 second-tier cities increased by 0.6 percent and 0.5 percent respectively from the previous month, and the increase in 35 third-tier cities rose 0.4 percent and 0.3 percent respectively.

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