China's June home sales up 33% on price cuts

[SHANGHAI] China's home sales rose 33 per cent in June from the previous month as price cuts by developers lured buyers.

The value of homes sold climbed to 591.2 billion yuan (S$118.3 billion) last month from 446.1 billion yuan in May, according to the difference between the National Statistics Bureau's data for the first half of the year and the first five months. That was the biggest monthly gain this year. The value of sales in the first six months fell 9.2 per cent to 2.56 trillion yuan from a year earlier, the data showed.

"We are seeing signs the market is stabilising," said Johnson Hu, a Hong Kong-based property analyst at CIMB Securities Research yesterday.