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CN China home prices up in June

Property Here - Friday, July 19, 2013

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Home prices in 69 of 70 cities in China increased in June amid a slowing economy and weakening industries.

Data from the National Bureau of Statistics revealed that the southern business city of Guangzhou climbed the most with a price increase of 16 percent. Large gains of 13 percent and 12 percent were seen in Beijing and Shanghai respectively. All three cities posted their highest-ever increases since January 2011.

“With the economy slowing down and other industries weakening, investors don't have many choices but seek out property investment for good returns,” said Yao Wei, China economist at Societe Generale SA in Hong Kong.

“Many of the government measures have targeted the supply, which actually pushed home prices up further.”

Last March, Chinese authorities ramped up a three-year campaign to moderate home prices. In Beijing, the minimum down payment on second homes was raised from 60 percent while a 20 percent capital gains tax has been enforced on existing homes.

Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email