Chinese property prices continue to rise

Prices of Chinese property continued to rise in June, with the majority of the country’s major areas seeing growth, despite the government’s efforts to cool the activity in the sector.

Across the 70 largest cities in China an average year-on-year rise of 5.8 per cent was seen last month, 0.7 per cent higher than the growth that was seen in May.

Newly built properties climbed in value by an average of 6.6 per cent – 0.5 per cent higher than the previous month.

Richard Wang, a Beijing-based researcher with property consultants Debenham Tie Leung, told China Daily: “As the second and third quarter is usually the hot season for the property market, the climbing prices are understandable.”

Of all of the cities in the Asian country, the booming area of Shenzhen in the southern Pearl River delta region saw the largest annual rise in prices of 14.6 per cent.

This was followed by China’s capital, Beijing, which experienced an 11.2 per cent jump in property prices.

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