Jul 2, 2015 (China Knowledge) - The average prices of residential properties in 100 major Chinese cities hit RMB 10,628 per square meter in Jun, 0.56% higher than the previous month, according to research data from China Index Academy.
Among the 100 cities, 53 cities saw residential property prices increase last month, while 46 cities’ price showed a downturn on a sequential basis, and the remaining 1 city maintained unchanged during the period.
New home prices in top ten cities including Beijing and Shanghai fell 0.82% year on year but grew 1.09% month on month in Jun to RMB 19,357 per sq m.
All of the major ten cities apart from Chongqing and Guangzhou experienced the residential property price growth last month. The sequential increase of 6.58% in Shenzhen topped the list last month, followed by 1.98% and 1.39% in Shenzhen and Shanghai, respectively.
Driven by another benchmark interest rate cut carried out by China’s central bank to further boost real economy and series of policy easing in the industry, real estate continued showing upward trend with growing demand.