Economy May 18

China housing market flatlines

Anaemic growth seen for second consecutive month in major cities 

by Nadeem Xu
China housing market flat
Shenzhen housing saw little growth in sales prices in April.

(ATF) China’s housing market was flat in April, with home prices in 70 major cities remaining unchanged from March, official data showed Monday.

New home prices in four first-tier cities – Beijing, Shanghai, Shenzhen and Guangzhou – rose 0.2% year-on-year in April, unchanged from March, according to data from the National Bureau of Statistics (NBS).

The country's second-tier cities saw a 0.5% increase in new home prices, up 0.2 percentage points from the previous month, while third-tier cities witnessed a 0.6% increase, compared with 0.2% in March.

Prices of resold housing in first-tier cities climbed 1.1% from March, while prices in second-tier and third-tier cities edged up 0.4% and 0.2%, respectively.

Housing demand, which had been curbed by the coronavirus epidemic, began to recover in April as authorities across the country stuck to the principle that "houses are for living in, not speculation," according to Kong Peng, a senior NBS statistician.

READ MORE: China housing backlog still spurring new buyers

RWAD MORE: Work resumes on housing, municipal projects