Home prices rise in first-tier cities of China

Home prices in China's first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, increased month on month in May, official data showed on Tuesday. Prices for new homes in the four first-tier cities edged up 0.2 percent month on month in May, with the pace of growth widening by 0.1 percentage points from April, according to the National Bureau of Statistics. Specifically, Shanghai, Guangzhou and Shenzhen saw primary-market home prices rise 0.2 percent, 0.2 percent and 0.4 percent, respectively, while Beijing reported a 0.2-percent decline. Prices for new homes in second-tier cities dropped 0.1 percent month on month, unchanged from the previous month, while those in third-tier cities fell 0.4 percent, 0.1 percentage points higher than in April. Of the 70 large and medium-sized cities surveyed, 16 cities reported month-on-month increases in prices of new homes, two more than in April. (Xinhua) Edited by Tony Sabine