The latest data released by China’s National Bureau of Statistics on Monday showed that the sales prices of new commodity residential units rose in 62 of China’s 70 major cities in April, compared with the previous year. Among them, Chongqing, Guangzhou new house prices “led”, Chongqing new house prices rose 1.4%, the highest rate of increase in 70 cities; Guangzhou new house prices rose 1.1%, second only to Chongqing.
Data show that China’s first-, second- and third-tier cities all saw an expansion in new housing prices in the same month from a year earlier. China’s National Bureau of Statistics City Department chief statistician rope Guoqing said, Beijing, Shanghai and other four first-tier cities, new commodity residential sales prices rose 0.6%, up 0.2 percentage points over the previous month; 31 second-tier cities rose 0.6%, up 0.1 percentage points over the previous month; 35 third-tier cities rose 0.4%, up 0.1 percentage points over the previous month.
Chinese authorities have in recent years introduced tight control of real estate development and housing loans and other regulatory policies, trying to curb overheated investment and inflationary crisis. But at the same time, the U.S.-China trade war and the new epidemic have forced the authorities to stimulate real estate related industries to maintain exports, while the high prices in China’s major cities again highlight that private investment still tends to preserve the value of property to avoid inflationary risks.
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