China’s home prices rose by the most in 19 months in May even as the government pressed ahead with a two-year campaign to curb property speculation.
New-home prices in 70 cities tracked by the government gained 0.8 percent from a month earlier, according to Bloomberg calculations based on data from the National Bureau of Statistics. That compared with a 0.57 percent increase in April.
Local officials are trying to tame property prices without causing an excessive slowdown, rolling out a series of
restrictions to stamp out speculative purchases. Six cities, including Foshan and Chengdu, have recently stepped up curbs after the housing ministry reiterated the central government’s urge to stabilise the property market.
The real estate sector continues to be “surprisingly resilient” amid a notable slowdown in the broader economy, Wei Yao, chief China economist at Societe Generale SA in Paris, said.
The data add to signs of strength after home sales by value bounced back last month, in a what is traditionally a slow season, separate data showed. China’s top 100 developers saw sales jump 17.7 percent in May from the previous month.