China's home prices generally stable in July

Added On August 17, 2019

Official data has shown that home prices in 70 major Chinese cities remained generally stable in July, with a slight pickup in large cities.
The National Bureau of Statistics (NBS) on Thursday revealed that new home prices in four first-tier cities, including Beijing, Shanghai, Shenzhen and Guangzhou, increased 0.3 percent month on month in July.
While new home prices in 31 second-tier cities and 35 third-tier cities both climbed 0.7 percent from that of June.
Meanwhile, prices of resold housing in first-tier cities inched up 0.3 percent month on month in July, while those in second-tier cities registered an increase of 0.4 percent.
Resold home prices in third-tier cities were up 0.7 percent month on month from June.
On a yearly basis, both new and resold home prices registered increases in most Chinese cities, but at an unchanged or slower pace.
Prices of new housing in first-tier cities grew 4.3 percent in July, while those in the second- and third-tier cities reported stronger growth, jumping 10.7 percent and 10.2 percent, respectively.
China is committed to the principle that "housing is for living in, not for speculation".
The country has implemented a long-term mechanism to maintain the sound development of the real estate market.