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BEIJING (Reuters) – China’s new home costs rose faster in June than last month, a personal survey found on Friday, driven by a series of policy easing measures taken in small and medium-sized cities to boost demand.
New home prices in a hundred cities rose 0. 04 percent, up from 0. 03 percent in May, according to survey data from China Index Academy, one of the country’s largest independent real estate research firms.
China’s depressed real estate market has shown some signs of improvement in recent weeks. This year’s stimulus measures have basically focused on helping homebuyers, adding subsidies, small down payments, and making home buying easier.
Major homebuilder China Vanke Co said this week that the housing market hit a short-term low, with a sharp month-over-month increase in sales in June, helped in part through a call backed after months of COVID-19 restrictions. But President Yu Liang warned that the recovery would be slow and moderate.
Of the 100 cities surveyed by the research firm, 47 cities reported monthly growth in value, up from more than 40 cities in May.
Prices in Tier 2 cities, including provincial capitals, rose 0. 14%, following a 0. 07% increase in May. Xian, the capital of the northwestern province of Shaanxi, recorded the most powerful expansion of 0. 68%.
“Most likely, local governments will continue to implement city-specific policies,” such as increased situations for families with more than one child, the Academy said.
“The housing market is expected to recover in the current part of the year, with confidence in home buying recovering thanks to COVID-19’s less difficult relief and stimulus measures. “
(Reporting via Liangping Gao and Ryan Woo; Editing via Kim Coghill)