New home prices in China’s major cities rose at a slower rate in February -- up 8.7 percent after January’s 9.6 increase, the National Bureau of Statistics reported Tuesday morning.
Meanwhile, the Ministry of Commerce announced that foreign direct investment into the Chinese mainland rose 10.44 percent year on year in January and February to reach $19.31 billion U.S.
The government’s real estate data also revealed that fewer Chinese cities saw month-on-month home price rises in February. Among 70 major cities, 57 saw month-on-month rises in new home prices, fewer than the 62 cities in January, the National Bureau of Statistics said in a statement reported by Xinhua. For existing homes, prices increased in 46 cities month on month, down from 48 cities in the previous month.
After the data release, shares were higher by a slight 0.3 percent in Hong Kong and 0.1 percent in Shanghai, weighed down by real estate stocks, specifically those with sizeable exposure to the Chinese mainland, MarketWatch reported.
In Hong Kong, China Overseas Land was down 3.9 percent, China Resources Land down 3.1 percent, and Sino Land by 0.6 percent. Gains in other sectors are supported the market, such as telecoms (China Mobile up 1.5 percent, China Unicom up 0.9 percent) and utilities (China Resources Power up 2.8 percent, HK & China Gas up 0.5 percent).
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On the mainland, China Vanke was down 1.9 percent in Shenzhen, and Poly Real Estate was off 2.1 percent in Shanghai, though Shanghai Shimao was up 0.4 percent.