China’s home prices saw a modest recovery in May, adding to growth in March and April, as positive signs of a gradually stabilising property market continued to accumulate after five years of weakness, according to analysts.
In May, the average price of newly built residential properties across 100 Chinese cities stood at 17,156 yuan (US$2,534) per square metre, edging up 0.16 per cent from a month earlier and 2.03 per cent year on year, data from the China Index Academy showed on Monday.
The uptick came after new home prices in first-tier cities posted month-on-month gains of 0.2 per cent in March and 0.1 per cent in April, according to the National Bureau of Statistics.
The news pushed property stocks higher on Monday, building on a bump after favourable guidelines on urban renewal – part of China’s 15th five-year plan for 2026 to 2030 – were released by the State Council on Thursday.