Surge in China home prices moderates after fresh curbs

Shanghai

CHINA home-price growth eased last month after authorities imposed stricter restrictions on property purchases.

New-home prices, excluding state-subsidised housing, gained last month in 58 of the 70 cities tracked by the government, compared with 62 in March, the National Bureau of Statistics said on Thursday. Prices fell in eight cities and were unchanged in four, the data showed.

Chinese authorities stepped up curbs in a string of large cities last month to rein in prices, following a resurgence in demand the previous two months as buyers tried to get in ahead of further restrictions. Chengdu, the provincial capital of Sichuan, last month raised down-payment requirements for second properties, having initially introduced curbs at the end of March. Home sales also tapered off last month. New home sales by value rose 8 per cent to 855 billion yuan (S$172.8 billion) from a year earlier, the smallest gain since March 201…