China’s new home prices rose for a third month in all but one city in July, led by gains in the biggest metropolitan centers on anticipation the government will focus on a longer-term housing plan than immediate curbs.
Prices climbed in 69 of the 70 cities the government tracked last month from a year earlier, the National Bureau of Statistics said in a statement yesterday, matching the data for May and June. The southern business center of Guangzhou posted the biggest advance, rising 17 percent from a year earlier, while those in Beijing and Shanghai both increased 14 percent. All three cities had their biggest gains since the government changed its methodology for the data in January 2011.
“The new leadership seems to have a higher tolerance for rising home prices than the previous government,” Ding Shuang, a senior China economist at Citigroup Inc. in Hong Kong, said in an interview yesterday. “It’s unlikely that the government will issue nationwide curbs or ease policies. The government will likely to aim at long-term policies by increasing more supply.”
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