Shenzhen new home prices fall for 9th month

SHENZHEN — The price of new homes in Shenzhen fell for a ninth consecutive month in June as control measures continued to weigh on the property market.

The average price in the South China city, which borders Hong Kong, stood at 54,492 yuan ($8,038) per square meter, down 0.04 percent month on month and 11.8 percent year-on-year, according to Shenzhen Municipal Planning and Land Resources Commission.

The decline in prices, however, boosted sales month-on-month as many snapped up bargains in the booming city.

Despite an annual 15.6-percent slump, sales jumped 24.8 percent month-on-month to 292,343 square meters.

Meanwhile, sales of existing homes rose 27.3 percent year-on-year but dropped 4 percent month-on-month to 623,085 square meters.

In October last year, Shenzhen joined many other major cities nationwide to cool its red-hot property market with measures including purchase restrictions, higher downpayments, and mortgage rates.