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China May new home prices +0.6% m/m

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Chine new home price data was out at the same time as the Australian jobs report, catching up on this now.

Average new home prices in 70 major cities grew 0.6% in May (Reuters calculation)

+4.9% y/y

Says Reuters:

  • Chinese property prices have risen strongly this year despite increasing government attempts to reduce speculation in the market and prevent asset bubbles. Cooling measures have included imposing stricter rules for home buyers, curbing loans to developers and guiding banks to increase mortgage rates.

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