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China's property market slows and Beijing prices fall for the first time since 2015
economy Since 2017-07-18 at 11:48 (Baghdad time)
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Home prices in Beijing fell for the first time in more than two years in June and fell further in Shanghai while the downward trend in Shenzhen halted, signaling a slowdown in China's largest real estate market, according to official data.
China's house price growth slowed in general in June and big cities were affected by government efforts to curb prices, while small cities maintained a rapid growth rate.
Sector workers expect moderate slowdown in China's major cities to continue over the next 12 months.
In June, new home prices in 70 major cities in China rose 10.2 percent on average compared to a year earlier, but less than the 10.4 percent increase in May, according to Reuters calculations based on an official survey released Tuesday.
On a monthly basis, new home prices rose 0.7 percent in June, unchanged from the previous month, according to Reuters calculations from the National Bureau of Statistics.
On an annualized basis, price growth slowed to 2.7 percent in Shenzhen, 8.6 percent in Shanghai and 10.7 percent in Beijing.
Compared to the previous month, prices in Beijing fell 0.4 percent, the first decline since February 2015. Prices in Shanghai fell more than that, falling 0.2 percent while prices remained unchanged in Shenzhen.
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economy Since 2017-07-18 at 11:48 (Baghdad time)
Follow Mawazine News
Home prices in Beijing fell for the first time in more than two years in June and fell further in Shanghai while the downward trend in Shenzhen halted, signaling a slowdown in China's largest real estate market, according to official data.
China's house price growth slowed in general in June and big cities were affected by government efforts to curb prices, while small cities maintained a rapid growth rate.
Sector workers expect moderate slowdown in China's major cities to continue over the next 12 months.
In June, new home prices in 70 major cities in China rose 10.2 percent on average compared to a year earlier, but less than the 10.4 percent increase in May, according to Reuters calculations based on an official survey released Tuesday.
On a monthly basis, new home prices rose 0.7 percent in June, unchanged from the previous month, according to Reuters calculations from the National Bureau of Statistics.
On an annualized basis, price growth slowed to 2.7 percent in Shenzhen, 8.6 percent in Shanghai and 10.7 percent in Beijing.
Compared to the previous month, prices in Beijing fell 0.4 percent, the first decline since February 2015. Prices in Shanghai fell more than that, falling 0.2 percent while prices remained unchanged in Shenzhen.
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