China’s home prices to rise
China’s biggest cities could see a spike in home after inventories of unsold homes fell sharply in July. An acceleration in price rises would reverse a cooling trend and could force local government to impose more cooling measures on the property market, despite the risk of quashing one of the few bright spots in the economy. The area of unsold new homes in the first-tier cities dropped four per cent in July in the previous month, while that in second and third tier cities fell 0.5 per cent and 1.2 per cent respectively, property research agency E-house China R&D Institute said in the report. Unsold new homes in 22 Chinese cities totalled 244.8 million square metres at the end of July, down 1 per cent from June and 5.6 per cent from a year earlier.
Tags : INTERNATIONAL