Rise in average new home prices hints at mild rebound for property market

New home prices in 288 mainland cities grew on average in May for the first time since April of 2014, albeit by only 0.05% over the previous month, South China Morning Post reported, citing a private survey by consultancy China Real Estate Information Corp. Prices rose in 143 of the cities, with the greatest gains made by four cities in Guangdong province, including Shenzhen. Data from the consultancy showed home sales up 5% last month from April in first and second-tier cities, while third-tier cities saw a gain of 3%. “We expect to see rising transactions but stable prices in June,” the firm said in a report.