House prices in China grew at the fastest rate in almost two years last month, according to official data, suggesting that restrictive measures to cool the industry may need to be ramped up.
Average new home prices across China’s 70 major cities rose 1% in June from the previous month, Reuters reports, with 63 cities posting higher prices compared with 61 in May. This marks the highest monthly growth rate since October 2016.
Tier-two cities led the price increase with 31 cities growing at 1.2% rise from May to June, although the fastest growth was seen by China’s tier-one cities at 1.9%, widening the gap between China’s largest metropolises and its smaller cities.
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