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© Reuters. PHOTO OF THE FILE: Residential compound buildings can be seen in Shanghai after the outbreak of coronavirus disease (COVID-19) in China on October 9, 2020. REUTERS / Aly Song
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BEIJING (Reuters) – China’s new housing prices rose at a slower pace in June, data showed on Thursday as measures to cool the heated housing market gave more impetus to growth.
The average price of new housing in 70 major cities rose 0.5% in June from a month earlier, up 0.6% in May, according to data released by the National Statistics Office, according to Reuters estimates.
Compared to the previous year, new home prices rose by 4.7%, slower than the 4.9% rise in May.
The Chinese real estate market has recovered quickly from the COVID-19 shock early last year, raising concerns about financial risks and overheating.
Authorities began imposing restrictions on the sector late last year, including reducing developers ’debt accumulation, limiting loans to banks to the sector, and targeting banks to raise mortgage rates.
But the moves have begun to drag on the real estate sector, a vital source of economic growth.
Despite numerous cooling measures, China’s chief bank and insurance regulator Guo Shuqing warned again last month that local real estate bubbles are still serious.
NBS data also showed monthly earnings in 55 cities, down from 62 in May.
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