China property prices ease in May

| June 20, 2011 | 0 Comments
”China

Official figures today revealed China house prices slowed in May, suggesting the Government’s attempts to cool house prices is taking effect.

The Government has launched several initiatives to avoid a property bubble. It recently announced plans to introduce a property tax, while making it more expensive to buy second homes, by lifting the minimum down payment.

Data released today showed fewer Chinese cities reporting price increases on a monthly basis in May.

Existing home prices in Beijing fell 0.2% in April on the previous month, while Shanghai saw an increase of 0.2%, slowing from the 0.3% rise noted in April.

The price of new homes (generally sold by developers) increased last month in 67 of the 70 cities monitored.

However, of the cities, 27 showed a weakening in the pace of growth, the National Bureau of Statistics said.

Furthermore, a total of 29 cities posted increases higher than 5% - but this was down from the 33 cities in April, said the Bureau.

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