The latest survey by China’s National Bureau of Statistics indicated that average home prices in 70 Chinese cities were unchanged in June from May. That ended eight straight months of declines and suggests that the real estate market in the People’s Republic may have bottomed out.
New home prices in just 21 major cities fell during June, compared to 43 cities that reported month-on-month declines in May and April. The survey also showed that prices in some cities rose as the number of transactions increased following interest-rate cuts and government efforts to boost sales and stimulate the economy.
Premier Wen Jiabao and other government officials have pledged to keep residential property prices from rebounding.
Hong Kong’s Hang Seng closed 1.11% lower Wednesday on concerns about HSBC (NYSE: HBC). China’s Shanghai Composite Index ended 0.3.7% higher on expectations for policy easing.
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