China’s SouFun Home Prices Jumped in April, Defying Measures

China’s new home prices jumped in April by the most since December, defying the government’s tightened property curbs, according to SouFun Holdings Ltd.

Prices jumped 5.3 percent from a year earlier last month, 1.4 percentage points faster than March and the biggest gain since housing costs ended eight months of declines in December, the nation’s biggest real estate web owner said today in its survey of 100 cities. The 10,098 yuan per-square-meter (10.76 square feet) average price was 1 percent higher than in March and 6 basis points lower than the previous month.

Home prices in March rose in the most cities tracked by the government since September 2011 and housing sales jumped 69 percent in the first quarter, even as the government has accelerated implementing curbs to control prices.

Thirty-five city governments issued details of property measures by an April 1. Former Premier Wen Jiabao ordered the central bank to raise down-payment requirements for second mortgages in cities with excessive cost gains and told local governments with the biggest price pressures to tighten home-purchase limits and set price-control targets.

“Looking ahead, cities with excessively fast price gains still face risks of a further policy tightening,” SouFun said in the statement.

The average home prices of the 10 biggest cities rose 1.3 percent from March and jumped 7.9 percent from a year earlier, according to SouFun.

Before it's here, it's on the Bloomberg Terminal.