|Girish Shetti |||May 03, 2016 09:50 AM EDT|
(Photo : Getty Images.) The rise in home prices in Shenzhen and Shanghai happened despite the slew of tough regulations the city government announced in March. The Chinese government wants to tame the soaring real estate prices across big cities.
China's home prices continued to rise in April, according to the latest surveys separately conducted by the China Real Estate Index System (CREIS) and Real Estate Information Corporation (CRIC).
The survey showed that prices of new homes in April across 100 cities increased by 9 percent from a year earlier. Prices in big cities such as Shenzhen and Shanghai increased by 14.4 percent from year-on-year.
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Home prices in Shenzhen and Shanghai increased only by 1.5 percent compared to last month March. The real estate prices in these two big cities in March had increased by 12.2 percent, as per CREIS survey.
The rise in home prices in Shenzhen and Shanghai happened despite the slew of tough regulations the city government announced in March. The Chinese government wants to tame the soaring real estate prices across big cities.
According to a separate survey conducted by the CRIC, home prices across 288 biggest cities increased on an average by 7.2 percent in April from year earlier. However, on a monthly basis the average rise in April was only 1.5 percent, faster than 1.2 percent witnessed in March.
In the wake of rising property prices, Chinese authorities have been in pressure to arrest price rise especially in big cities. They feat that unabated price increase would make homes too expensive for ordinary citizens.
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