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Market Update: China New Home Prices Rise the Most in 11 Months
Average new home prices in China’s 70 major cities rose by 4.9 percent year-on-year in May 2021, accelerating for a fifth straight month to the biggest annual gain since June 2020, as strong property demand was enough to offset government cooling measures. Among China’s biggest cities, Guangzhou recorded the largest home price increase (11.2 percent vs 9.9 percent in April), followed by Chongqing (8 percent vs 6.7 percent), Shanghai (4.5 percent vs 4.9 percent), Beijing (4.3 percent vs 4.5 percent), Shenzhen (3.7 percent vs 3.9 percent), and Tianjin (3.9 percent vs 3.6 percent). On a monthly basis, new home prices went up by 0.6 percent in May, the same as in April and remaining the largest monthly gain since August 2020. source: National Bureau of Statistics of China [/s2If]
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