Top-tier cities drive Chinese property price gains

Property prices in large Chinese cities grew in more locations last month compared to a year earlier, with prices in higher-tier cities again leading the charge upwards – but fewer saw month-on-month prices rise compared to May. The Financial Times reports annualized prices for new residential homes rose in 57 out of 70 cities surveyed. The same ten first- and second-tier cities led gains over the previous year, with Shenzhen far ahead of the pack thanks to year-on-year growth of 46%. However, other first-tier cities like Shanghai (up 27.7) and Beijing (up 20.3) were pushed to fifth and sixth place, respectively by the second-tier likes of Xiamen, Nanjing and Hefei (up 33.6, 29.7 and 29, respectively). Overall prices of new residential buildings rose 7.3% year-on-year in June.