Shenzhen home prices rebound as rate cuts lift demand

Beijing

SHENZHEN recorded higher new-home prices in December, the first city tracked by the Chinese government to see an increase in four months, after the central bank cut interest rates for the first time since 2012, boosting demand.

New-home prices in the southern city bordering Hong Kong jumped 1.2 per cent from November, the first gain since a 0.2 per cent increase in April. Prices fell in 65 of the 70 cities monitored and were unchanged in four, the National Bureau of Statistics said in a statement on Sunday. That compares with declines in 67 cities in November.