Chinese new home prices have risen for a third consecutive month, but the annual rate growth is still negative with the National Bureau of Statistics reporting a decline of 3.7%.
The figure, an improvement on June’s 4.9% annual contraction, is the third consecutive month the pace of fall was reduced and is the slowest annual decline since November 2014.
July prices rose by 0.3%, the third month in succession that an increased has been reported.
The NBS reported prices rose in 31 of 70 cities surveyed, up from 27 in June.
Of the large tier-one cities, Shenzhen – home to the frothy Shenzhen Composite and ChiNext stock indices – saw new home prices increase by a massive 23.6% compared to a year earlier.
In March prices fell by 0.9% compared to 12 months earlier. Yes, prices in the southern city are soaring.
Elsewhere prices in Shanghai rose 3.1%, up from 0.3% in June, while those in Beijing increased 1.0%, the first annual gain recorded since September 2014.