New Home Prices Rise Jump 0.8pc in May as Govt Control Efforts Drive Prices Higher

New home prices popped 0.8 percent in May as the government controls created greater mania in housing markets, led by the lottery scheme that is spreading to more cities and the "war for talent."

Dandong led the way with a 5.3 percent increase as speculators bet on North Korea opening. Prices in Sanya, Haikou and Chengdu rose 2.4, 2.1 and 2.1 percent, respectively.

Cities with housing lotteries are Shanghai, Nanjing, Changsha, Chengdu, Xi'an, Wuhan, Hangzhou and Shenzhen. The average price increase in these cities was 0.7 percent.

Existing home prices rose 0.6 percent nationally.

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