July 16, 2020 / 1:55 AM / a month ago

China's June home prices rise 0.6% month-on-month

FILE PHOTO: People wear protective masks as they walk past a construction site for residential housing amid the spread of the coronavirus disease (COVID-19) in Beijing, China April 30, 2020. REUTERS/Thomas Peter/File Photo

BEIJING (Reuters) - China’s new home prices grew at a faster monthly pace in June,data showed on Thursday, underscoring improving demand as the economy recovers from the coronavirus crisis.

Average new home prices in 70 major cities rose 0.6% in June from the prior month, quickening from the 0.5% growth in May, Reuters calculations showed.

On an annual basis, home prices expanded 4.9% in June, matching May’s pace.

China’s economy has regained momentum after a record contraction in the first quarter from the virus outbreak, but a slowdown in global growth and rising Sino-U.S. tensions have clouded the outlook for prospective homebuyers.

The latest Reuters poll shows that China’s home prices are expected to grow slightly faster this year than predicted a few months earlier. But sales will stay soft as Beijing remains wary of overheating risks in the real estate sector.

Reporting by Lusha Zhang, Roxanne Liu and Ryan Woo; Editing by Jacqueline Wong

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