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First-tier Housing Markets Pick Up In June

CHINA PRESS
MNI (Singapore)

Tier-one property market transactions increased in June as Q2 stimulus policies took effect, Securities Times reported. New home sales per square meter rose 21%, 66%, 48% and 38% m/m in Beijing, Shanghai, Guangzhou and Shenzhen, hitting a yearly high point, while second-hand markets rose to 15, 36, 14 and 40 month highs respectively. However, higher transaction volumes were based on lower home prices, and the stimulus sustainability remains in doubt especially during the July and August off-season, the newspaper said citing analysts.

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