China's month-on-month home price surge is still sturdy in May

China's month-on-month home price surge is still sturdy in May

In May, prices in China's sizzling property market kept growing, thus demonstrating resilient demand notwithstanding the imposition of tougher official measures to tame ascending prices.

Sturdy price revenues actually highlight the challenge the Chinese government faces in taming an overheating market without affecting the national economy, where real estate appears to be a key driver of surge.

In May, average new home prices in China's 70 key cities inched up 0.7% from last month, which is in line with April, as Reuters calculated from an official poll on Monday.

Compared with last year, new home prices tacked on 10.4% in May, decreasing from a 10.7% revenue in April, according to National Bureau of Statistics data.

In May, in the country’s biggest cities, including Shanghai and Beijing stopped soaring on a monthly basis, while prices went down in Shenzhen, the fastest pace for three months.  

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