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China Home Prices Increase In April

China's home prices increased in April suggesting that the property market started gradual recovery as businesses reopen after the spread of coronavirus subsides.

Out of 70 cities, house prices increased in 50 compared to 38 cities in March, data published by the National Bureau of Statistics showed Monday.

According to preliminary estimate, house prices in first-tier cities rose 0.2 percent. House prices decreased 0.3 percent on month in Beijing and remained flat in Shenzhen and Guangzhou. Meanwhile, prices gained 0.6 percent in Shanghai.

The sales prices of newly built commercial housing in 31 second-tier cities rose by 0.5 percent month-on-month and that in 35 third-tier cities climbed 0.6 percent.

Data showed that house prices fell 0.2 percent in Wuhan, the epic center of coronavirus outbreak.

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